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LDthQF'I U'm 'v'eloroo Company manufactures a single component. The standards for each finished product are as follows: Direct materials: 5 lb. at 55 per kg. Direct manufacturing labour: 3 hours at 59 per hour 1|v'eloroo allocates variable manufacturing overhead to products on the basis of standard direct manufacturing labourhours. For June 21320, variable manufacturing overhead was budgeted at 512 per direct manufacturing labourhour. Fixed overhead was budgeted at $510,000 per month. 'v'eloroo's actual data for .June 2020 operations are as follows: Raw materials purchased [5) $143,500 Raw materials purchased [ng 26,000 kg. of raw materials Rawdmaterials used to produce 4.5130 units of finished 24,?59 kg. of raw materials goo s Direct labour used 14:350 hours costing 5148,5130 1v'ariable overhead costs incurred SITESDDO Fixed overhead costs incurred 55213500 Required: Calculate the following variances. Show all workings. Clearly indicate whether the variance is favourable {F} or unfavourable {U}. . Materials price variance based on materials purchased . Materials efciency {i.e.. quantity} variance based on materials used . Labour price [i.e.. rate} variance . Labour efciency [i.e.. quantity} variance . 1|v'ariable overhead spending variance . 1variable overhead efficiency variance Fixed overhead spending variance I: the standard quantity of direct material given is 5lb and the price given is $5 per kg. it is correct. do not confuse