Namibia Wood Products (NWP) is a company that manufacturers different types of furniture products under a job costing environment. To ensure that the company meets its customer expectations and the same time achieve operational efficiency, the company employs a standard costing system. At the end of each period, variances are calculated and investigations are undertaken to identify areas of improvement. The following information relates to the traditional wooden work bench that NWP produces and supplies to Small to Medium workshops in Namibia. Variance calculated: Month: November 2022 Variances N$ Material price variance 25 000 Unfavourable Material usage 16 500 Favourable Labour rate 40 000 Favourable Labour efficiency 22 000 Unfavourable Actual data for the month of November 2022 was as follows: Month: November 2022 N$ Units Material costs 850 000 100 000 kilos Labour costs 600 000 80 000 hours Production volume 30 000 units The actual and standard production volume for the month of November were the same. Required: Marks 3.1 Prepare a standard cost sheet for the wooden work bench (Hint: calculate the budgeted unit cost of one wooden bench) 3.2 Outline one possible reason for each of the labour and material variances.