NEED AS SOON AS POSSIBLE WITH ALL RELEVANT CALCULATIONS

QUESTION 1: Standard Costing Total mark for this question: 20 marks [Suggested time: 36 minutes] Cooper Ltd manufactures agricultural machinery. The management accountant is currently preparing the following report in preparation for a staff meeting to discuss the direct labour variances for 2020: Month January February March April May June July August September October November December Cooper Ltd Direct Labour Variance Report Direct labour rate variance Direct labour efficiency variance Amount Percentage Amount Percentage of standard of standard direct labour direct labour cost cost $800 F 0.16 % $5000 U 1.00% 4900 F 0.98 % 7500U 1.50 % 100 U 0.02 % 9700 U 1.94% 2000 U 0.40 % 12800 U 2.56 % 3800F 0.76 % 20100 U 4.02% 3900 F 0.78 % 17000 U 3,40 % 4200 F 0.84 % 28500 U 5.70 % 5100 F 1.02 % 38000 U 7.60 % 4800 F 37000 U 5700 F 42000 U 4200 F 60000 U 4300F 52000 U The standard direct labour cost during each of these months was $500,000. Cooper Ltd's management accountant uses the following rule of thumb: investigate all variances equal to or greater than $30 000, or 6 per cent of standard cost. REQUIRED 1. The management accountant has to attend an urgent meeting and has asked you to complete the report by calculating the percentage of standard direct labour cost for direct labour rate and direct labour efficiency variances for the months of September to December. (4 marks) 2. After completing the report, which variances would have been investigated during the year? Your answer should be provided in the following table format with the following headings. Variance Type Month Amount Percentage of standard direct labour cost (5 marks) 3. What characteristics of variance pattern shown in the report should draw the accountant's attention, regardless of the usual investigation rule? Explain. Given these considerations, which variances would you have investigated? Why? 16 marks) 4. Is it important to follow up on favorable variances, such as those shown in the report? Explain your