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QUESTION 1 18 points Skytec Led is engaged in ae are difficult to control, therefore standard costs a the company. variances are reported. The following standards were developed for the "Multicorp' spraying service. This is one of the major services offered by Standard Quantity Standard Price or Rate Standard Cost Direct material (insecticide) 8 kilograms per spray $1.75 per kilogram $14.00 Direct labour 2 hours per spray $20 per hour $40.00 Total $54.00 During May, Skytec purchased 160,000 kilograms of insecticide at a total cost of $304,000. The total wages in May were $5,000, 40% of which was direct labour cost of the Multicorp sprays. Skytec completed 40 Multicorp sprays during May, using 400 kilograms of insecticide and 90 direct labour hours. Required: a. Calculate the following variances (12 marks) i. Direct material price variance ii. Direct material efficiency variance iit. Direct labour rate variance iv. Direct labour efficiency variance b. Give one possible explanation for each type of the variance you calculated.(6 marks)