Q.2.2. Sajid Corp, started in January 2014 manufactures Hawaiian muumuus. At that time, the following material and labor standards were developed: Material 3.0 yards at Rs. 4 per yard Labor 1.5 hours at Rs. 6 per hour In January 2020 company hired a new cost accountant. At the end of the month accountant was reviewing the production variances and was amazed to find that the company's material and labor standards had never been revised. Actual material and labor data for lanuary when 17200 muumuus were produced, follow Material Purchased 50,000 yards at Rs. 4.90 Used 50,000 yards Labor 17,800 hours at Rs. 9.05 per hour Material prices have risen 4 percent each year beginning in 2014 six years through 2019), but the company can now buy at 95 percent of regular price due to increased purchase volume. Also direct material waste has been reduced from X yard to 1/8 yard per muumuu; waste has always been included In the standard material quantity. Beginning in 2014, each annual labor contract has specified a 7 percent cost of living adjustment. Revision of the plant layout and acquisition of more efficient machinery has decreased the labor time per muumuu by one-third since the company began. Required: a Determine the material and labor variances based on the company's original standards. 6. Determine the new standards against which accountant should measure the January 2020 results. fround adjustments annually to the nearest paisa.) Compute the variances for material and labor using the revised Standards. d. Point out the managers responsible for the variances in each analysis