Queensway and Quarke Enterprises pic produces metal storage containers for domestic use. Its sales and cost budget for October 20X4 are as follows: Sales: 6,000 units x 41 per unit 246.000 Costs Direct materials 6,000 X (2kg x 5 (60,000) Direct labour: 6,000 X (40 minutes x 7.50 per (30,000) hour) Production overhead (74,300) 81,700 Other overheads Net profit (31,750) 49,950 The company does not absorb production overheads using an overhead absorption rate. It may be assumed that all of its overheads are fixed in nature. The company's actual results for the month (to the nearest ) are as follows: Sales: 5,950 units x 40.50 per unit 240,975 Costs Direct materials 5,950 (1.9kg x 5.20) (58.786) Direct labour: 5,950 (38 minutes x 7.45 per (28.074) hour) Production overhead (72.220) 81.895 Other overheads (32,442) Net profit 49,453 Required: a) Flex the budget (5 marks) b) Calculate sales price variance (1.5 marks) C) Calculate material price variance (1.5 marks) d) Calculate material usage variance (1.5 marks) e) Calculate direct labour rate variance (1.5 marks) 1) Calculate direct labour efficiency variance (1.5 marks) 9) Calculate overheads variances (1.5 marks) n) Discuss the results, suggesting possible reasons for the most significant variances