Q1. (18 marks Lido Company's standard and actual costs per unit for the most recent period, during which 400 units were actually produced, are given below: Actual $3.36 Standard Materials: Standard: 2 metres at $1.50 per m. $3.00 Actual: 2.1 metres at $1.60 per m. Direct labour Standard: 1.5 hrs, at $6.00 per hr. 9.00 Actual: 1.4 hrs. at $6.50 per hr. Variable overhead: Standard: 1.5 hrs. at $3.40 per hr. 5.10 Actual: 1.4 hrs, at $3.10 per hr Total unit cost $17.10 9.10 4.34 $16.80 1. From the above information, compute the following variances. Show whether the variance is favourable (F) or unfavourable (U): a) Materials price variance (2 marks) b) Materials quantity variance (2 marks) c) Direct labour rate variance (2 marks) d) Direct labour efficiency variance (2 marks) e) Variable overhead spending variance (2 marks) f) Variable overhead efficiency variance (2 marks) Remember to be sure that you have converted costs and volumes to the correct base amounts for each of the variance formulas which is often not units of production 2. Provide a brief explanation of the possible causes of each variance (6 marks)