Problem-3: Xenias Company produces a single product. Variable manufacturing overhead is applied to productions on the basis of direct labor-hours. The standard costs for one unit of a product are as follows: Description Direct material: 10 ounces at Tk 1.20 per ounce Direct labor:0.80 hours at Tk 20 per hour Variable manufacturing overhead: 0.80 hours at Tk 10 per hour Per Unit Cost Tk. 12 16 8 36 Total standard variable costs per unit During November, 4,000 units were produced. The costs associated with July's operations were as follows: Direct material purchased: 42,000 ounces at Tk 1.3 per ounce Description Direct material used production 39,000 ounces Direct labor: 3,300 hours at Tk 19.5 per hour Variable manufacturing overhead actually incurred Required: i) Compute material price and material quantity variances ii) Compute labor rate and labor efficiency variances iii) Compute overhead spending and overhead efficiency variances Total Cost Tk. 54,600 64,350 30,525