Loki Manufacturing Limited manufactures Tesseracts and its costing system has two direct costs -direct materials and direct labour. Manufacturing overhead has both variable & fixed components that are allocated to units based on direct manufacturing labour hours. The following are the standards adopted for the 2022 year for manufacturing costs: Direct materials require 2kg per unit at a cost of $7.00/kg Direct manufacturing labour is budgeted at 6 hours per unit at a cost of $19.00/hour Manufacturing overhead: Variable MFOH is allocated at $7/direct manufacturing labour hour Fixed MFOH is allocated at $7/direct manufacturing labour hour The denominator level for total manufacturing overhead per month in 2022 is 40,000 direct manufacturing labour hours. Loki's flexible budget for January 2022 was based on this level. The records for January show the following Direct materials purchased Direct materials used Direct manufacturing labour Total variable manufacturing overhead Total fixed manufacturing overhead Actual production 1 17,700kg @ $7.30/kg 16,200 kg 49,500 hours@ $19.25/hour $250,000 $350,000 8,000 units of output Required: 1. Prepare a schedule of total standard manufacturing costs for the 8,000 units of output in January 2022. 2. For January 2022, calculate the following variances, indicating whether each is favourable(F) or unfavourable (U) Page 1 of 2 a Direct materials rate variance, based on purchases and efficiency variance b. Direct manufacturing labour rate & efficiency variances c Total manufacturing overhead rate variance d. Variable manufacturing overhead rate & efficiency variances e Fixed manufacturing overhead rate & production volume variances.