Part VI (12 marks) Chefs Company developed the following standard costs for its product for 2016 CHEFS COMPANY Standard Cost Card tandard Cost $40 40 16 ement tan uantity tanda $ 10 20 Direct materials Direct labour Variable overhead Fixed overhead 4 kilograms 2 hours 2 hours 2 hours 4 $104 The company expected to work at the 30,000 direct labour hours level of activity and produce 15,000 units of product. Actual results for 2016 were as follows: 14,200 units of product were actually produced. Direct labour costs were $552,420 for 27,900 direct labour hours actually worked Actual direct materials purchased and used during the year cost $543,320 for 57,800 kilograms . Total actual manufacturing overhead costs were $340,000 Required: Ca lculate the following variances for Chefs Company for 2016 and indicate whether the variance is favourable or unfavourable. a) Direct materials price variance b) Direct materials quantity variance. c) Direct labour price variance d) Direct labour quantity variance e) Overhead budget variance. f) Overhcad volume variance