Ma Ma Limited uses variances analysis as a method of cost control. The following information is available for the month ended 31 March 2020: 6,000 units Budget: Production units for the year Standard cost per unit: Direct materials (3 kg at $5/kg) Direct labor (4 hours at $3/hour) $15 $12 Actual: Actual production units for the year Materials - bought and used in the year - cost for the year Labor - hours for the year - cost for the year 5.750 units 18,625 kg $172.500 22.675 hours $150,000 Required: (a) Compute the materials price variance and materials quantity variance for the month ended 31 March 2020. (6 marks) (b) Compute the labor rate variance and labor efficiency variance for the month ended 31 March 2020. (6 marks) (c) Prepare a reconciliation statement between the actual cost and the standard cost of actual production, starting from standard cost of actual production. (7 marks) (d) Explain what the labor variances calculated in (b) show and indicate the possible interdependence between these variances. (6 marks)