Katima inclusive Limited manufacturers a single type of product and use a standard costing system to calculate the cost price. The standard cost per unit of the product is made up as follows: 25 kg material @ N$40 per kg 10 labour hours at N$10 per hour Overheads: 15 machine hours @ N$3 per hour Fixed N$1 Variable N$3 Budgeted information: 15 000 machine hours Fixed N$30 000 Variable N$60 000 Additional information: 26 000 kg@ N$40, 20 per kg 9 950 hours @ N$10, 20 per hour Material purchased and issued: Labour: Finished products completed: 1 000 units Actual machine hours: 16 500 hours Actual manufacturing overheads: N$31 000 Fixed Variable N$60 000 REQUIRED Calculate the relevant variances in respect of the following: (4 Marks) (4 Marks) (4Marks) (4 Marks) (4 Marks) (5 Marks) 3.1 Material price variance Material quantity variance 3.2 3.3 Total material variance 3.4 Labour rate variance 3.5 Labour efficiency variance Total labour variance 3.6