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Section A: Compulsory Question One - Answer All Parts Costello Lid manufactures garden furniture and employs standard costing for planning and control purposes. In April 2019, Costello Lid planned to make 1.500 units of a new product, a bench, to be sold at a budgeted price of 300 each. The standard cost card for the bench is as follows: Wood (40 metres at 1.20 per metre) Labour (75 minutes at 14 per hour) Variable overhead (75 minutes at 30 per hour) Total standard variable cost per unit 48.00 17.50 37.50 103.00 In April 2019 (the first month of production), Costello Ltd actually produced and sold 1,200 benches, grossing 300,000 in sales revenue. During April 2016. Costello Lid incurred the following costs with regard to the benches: 60,000 metres of wood was purchased and used at a total cost of 54,000 (0,9c per metre) 45,000 on 3,000 labour hours (15 per hour). Variable overhead of 120,000 Required: (a) Calculate the materials price and quantity variance for October (10 marks) (b) Calculate the labour rate and efficiency variances for October. (10 marks) (c) Calculate the variable manufacturing overhead spending and efficiency variance for October (10 marks) (d) Comment on the variances calculated in parts (a), (b) and (c) above. (8 marks) (e) What is the difference between standard costs and budgetary costs? Explain your answer. (4 marks) (1) Discuss two potential problems with the use of standard costs. (8 marks) (Total: 50 marks)