M/S GreekArt manufactu-les bust statues of famous historical figures. 12 Marks Since all statues are of the same size, they more or less, require the same amount of resources (10 4 They planned to sell 5000 pieces at Rsl500] each, consuming 50,000 kgs of raw material @Rs 100 per kg. 20000 direct labour hours were expected to be used @Rs 40 per hour. Additionally, Rs 10 lacs of fixed costs were expected to be incurred during the year During the year 6000 statues were actually produced and sold at an average price of Rs 1450] per piece. Material worth Rs 5940,000 was purchased at Rs 110 per kg. 25000 direct labour hours were used at the rate of Rs 33f per hour. Moreover, actual fixed costs were R51005,000. There were no beginning or ending inventories. Compare the actual performance with the planned performance and identify the deviations. Provide a detailed (9 marks} analysis of the variance between the planned performance and the actual performance. Interpret your answers in 4a to provide likely reasons for the variances across all the functions at GreekArt. (3 marks} ANSWER BELOW State Q No. against each answer in the margin