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 Per Unit Cost Tk. Direct material: 10 ounces at Tk 1.20 per ounce 12 Direct labor:0.80 hours at Tk 20 per hour 16 Variable manufacturing overhead: 0.80 hours at Tk 10 per hour 8 Total standard variable costs per unit 36 During November, 4,000 units were produced. The costs associated with July's operations were as follows: Description Total Cost Tk. Direct material purchased: 42,000 ounces at Tk 1.3 per ounce 54,600 Direct material used production 39,000 ounces Direct labor: 3,300 hours at Tk 19.5 per hour 64,350 Variable manufacturing overhead actually incurred 30,525 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