Please include the formula you use so I can calculate them too. Thanks

The following information has been provided by Andrews Ltd for the production and sale of 1000 units of one of its products in the first quarter of 2020.

	Budget ()			Actual
Sales revenue	120,000			122,000
Less Raw materials	(47,200)	For 47,200 kg		(49,350)	For 45,562 kg
Less Labour	(23,600)	For 2,950 hrs		(23,963)	For 2,925 hrs
Less Fixed overheads	(21,500)			(20,750)
Operating profit	27,700			27,937

Required:

a) Compute the following variances and show whether each one is favourable or adverse.

(i) Material price variance;

(ii) Material usage variance;

(iii) Labour rate variance;

(iv) Labour efficiency variance;

(v) Sales price variance.

(vi) Fixed overhead variance;