Part B Home Carpets Sdn Bhd manufactures carpets and uses a standard cost system. The company allocates overhead based on the number of direct labor hours. The following are the company's cost and standard data: Standards: Direct Materials 22.0 yards per carpet at RM 13.00 per yard Direct Labor 5.0 hours per carpet at RM 15.00 per hour Variable manufacturing overhead standard rate RM 8.00 per direct labor hours Predetermined fixed manufacturing overhead standard rate RM 6.00 per direct labor hours Total Budgeted fixed manufacturing overhead cost RM 63,500 Actual Cost and Operating data from the month of January 2021 are as follows: Purchased 51,260 yards at the total cost of RM 661,254. Used 47,500 yards in producing 2,200 carpets Actual direct labor cost of RM 168,175 for a total of 10,850 hours Actual variable manufacturing overhead RM 93,310 Actual fixed manufacturing overhead RM 67,500 Note: All manufacturing overhead is allocated on the basis of direct labor hours. Required: a. Compute the standard cost of one carpet. b. Calculate the following variances: (i) Direct material price variance (3 marks) (1 mark) (ii) Direct material efficiency variance (iii) Direct labor price variance (iv) Direct labor efficiency variance (1mark) (1 mark) (1 mark) (v) Variable manufacturing overhead spending variance (1 mark) (vi) Variable manufacturing overhead efficiency variance (1 mark) (vii) Fixed overhead spending variance (viii) Production volume variance (1 mark) (1 mark)