Laughing Strange Aussie Limited produces a single product -premium wool Ugg boots. Variable manufacturing overhead is applied to products based on direct machine-hours. The standard costs for one unit of product are as follows: Direct Material: 16 metres at $3.25 per metre Direct Labour 6 hours at $19.00 per hour Variable Manufacturing Overhead: 4 machine-hours at $12.00 per hour Total Standard Variable Cost Per Unit $52.00 $114.00 $48.00 $214.00 During the month of May, 64,880 units were produced. The actual costs incurred with May's operations were as follows: Direct Material Purchased: 1,050,500 metres at $2.90 per metres $3,280950.00 Material Used in Production: 1,024,220 metres Direct Labour: 385,450 hours at $19.75 per hour $2,944,987.50 Variable Manufacturing Overhead $3,212.995.00 Actual total machine-hours for May totalled 266,125 with total applied variable manufacturing overhead totalling $3,193,500. Required: 1. Compute all the key variances for direct materials, direct labour, and variable manufacturing. [6 Marks) 2. Provide a brief analysis explaining the direct material and direct labour variance results you calculated. [4 Marks)