Nura Precision Sdn. Bhd. produces a single product which uses a standard costing system to control its costs. The standard and actual costs data to produce one unit of the product for February 2021 is as given: During February, 4,800 units of product were produced. The comparison of standard and actual cost on the basis of total cost is given below: The company purchased 21,120 kilograms of materials from its vendors in February. There was no inventory of materials in stock at the start and at the end of month. a) Calculate the following variances: (i) Material price variance (ii) Material quantity variance (2 marks) (iii) Labour price variance ( 2 marks) ( 2 marks) (iv) Labour quantity variance ( 2 marks) b) Using the standard cost accounting system, journalise the following variances: (i) Material price variance (3 marks) (ii) Material quantity variance (3 marks) (iii) Labour price variance ( 3 marks) (iv) Labour quantity variance