Majuto Ltd manufactures and sells one type 0 furniture item' The standard production costs of this item are as follows. Shs. Direct materials: Material X 25 metres @ Sh. 1 per metre 25 Material Y 10 Kg @ Shs. 4 per Kg 40 Direct labour 10 hours @ Shs. 12.50 per hour 125 Overheads: Variable: Shs. 2.50 per direct labour hour 25 Fixed: Shs. 3 per direct labour hour 30 The sale price per completed item is 300 The fixed overhead is allocated based on budgeted production volume of 3,500 units per year. During the financial year ended 315t May 2022, 4,000 units of output were produced. The actual production costs incurred during the year are given below: Direct material Shs. Material X (96,000 metres) 86,400 Material Y (31,500 Kg) 124,425 Direct labour (31,000 hours) 410,750 Overheads: Variable 143,800 Fixed 151,060 Required: Calculate the following variances: iv Material price and usage variances (3 marks) ii. Labour rate and efficiency variances (3 marks) iii. Total variable overhead variance (2 marks) iv. Fixed overhead volume variance (2 marks)