Pyramid Ltd produces and sells one product only; product ZS. You are provided with the standard selling price and variable cost of the product in the table below. /Unit Selling price 140 Variable costs: 30 50 Direct materials (5 per kg) Direct labour (10 per hour) The budgeted fixed manufacturing overheads are 110,000 monthly. In April 2021, Pyramid Ltd budgeted to produce and sell 14,000 units of product Zs. However, actual production and sales were 15,000 units. The actual results recorded for April 2021 were as follows: Sales revenue (15,000 units) 2,550,000 Direct material (97,500 kg) 536,250 Direct labour (90,000 hours) 810,000 Fixed manufacturing overheads 90,000 Profit 1,113,750 Required: (a) Calculate the following variances for the month of April 2021: Sales volume and sales price variances Material price and usage variances Labour rate and efficiency variances Fixed overhead variance (b) The production and purchasing department managers stated that because of their hard work, they have been able to keep costs down and this is reflected in the increased profit for the company. Using the variances that you have calculated in part (a) evaluate the production and purchasing department managers claims