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Expert Q&A Done Super Car Ltd. manufactures high performance vehicles. The company purchased several new production machines aimed at reducing production breakdown. The installation of the new facility had significant impacts on the production processes. While the new purchase was very expensive, management expects the new machines to reduce the labour time required by a substantial amount. Management also expects the new machines to reduce the direct material waste. In addition, the new machines require a more highly skilled labour force, but they are expected to ramp up the production volume to the meet the increasing market demand for high performance vehicles in recent times. The cost variance report has been prepared for the month of June. This report is the first full month report after the new machines were installed. Super Car Ltd's June Cost Variance Report Direct material: Direct material price variance 150 U Direct material quantity variance 3900 F Direct labour: Direct labour rate variance 4 800 U Direct labour efficiency variance 14 000 F Manufacturing overhead: Variable overhead spending variance 8 000 U Variable overhead efficiency variance 10 000 F Fixed overhead budget variance 30 000 U Fixed overhead volume variance 20 000 F The company budgets and applies manufacturing overhead on the basis of direct labour hours, Required: Explain how the variances in the above report are likely to have been influenced by the purchase and the use of the new machines. Provide a brief explanation of how each variance may have been affected (word limit: max 40 lines)