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Question 7: Flexible budgets and variance analysis (8 Marks) Tim has asked his company's financial controller to accumulate data on the sale of the company's roducts. The following data was gathered: Budgeted production and sales: 5,000 Actual production and sales: 6,000 The standard requires 1.5kg of material at a budgeted cost of $1.52 per kg and two hours of assembly time and testing time at a cost of $12.50 per hour. The product sells for $32 each Actual production costs for the 6,000 products totalled $12,900 for 8,600kg and $161,700 for . 13,200 labour hours equired: a) Calculate the material variances for Tim b) Calculate the labour variances for Tim