Q.5 One of your company's managers has recently returned from a Business Improvement seminar and has asked you to expand upon the area of Standard Costing and Variance Analysis. He wishes you to give a presentation to the other company managers, concentrating on the following: The advantages and disadvantages of using a system of standard costing and variance analysis. The difference between an Ideal standard and an Attainable standard. How material price and usage variances arise, and how labour rate and efficiency variances arise. The inter-relationship between the material price and usage variance, and between the labour rate and efficiency variance. The relationship between the fixed overhead variances and the under or over absorption of fixed overhead. The importance and the reasons for the investigation of variances. Required: a. Prepare your working notes for the presentation under the headings listed in the bullet points above. b. In the context of process costing, define both joint products and by-products. State three methods of apportioning the production costs of joint products