Maples Limited manufactures a single product and operates a standard costing system. The following data is available Budgeted Data (per unit) Materials Material cost per kg Labour Labour cost per hour Budgeted production for January was expected to reach 9 000 units, however 8 500 were 5.00 5 hours 6.00 actually produced. The actual costs incurred were as follows Materials Labour Required: 1) Calculate the following variances 61 625 kgs at4.00 per kg 46 750 hours at 5.70 per hr a material price b)material usage c) al material variance d abour rate e) abour efficiency f) total labour variance gtotal variance (2 marks for a f and 1 mark for g, total 13 marks) 2) Suggest possible reasons for the material and labour variances calculated. 3) What are the limitations of a standard costing system? 4) In standard costing there are different levels of standard cost (5 marks) (4 marks) Explain these different levels. (3 marks) TOTAL 25 MARKS