Question 1 (20 Marks) Dickson has budgeted to produce 10,000 units of its single product in a period. It operates a standard costing system. The following information has been extracted from the product's standard cost card: Direct labour per unit 24 hours x 12.60 per hour Fixed production overheads 2% hours x 18.00 per hour The fixed production overheads are absorbed based on direct labour hours. The actual results for the period were as follows: Production 9,700 units Direct labour 26,160 hours Fixed production overheads 483,300 Required (a) Calculate the following variances for the period: () Fixed production overhead expenditure (2 marks) (ii) Fixed production overhead volume (2 marks) (iii) Fixed production overhead capacity (2 marks) (iv) Fixed production overhead efficiency (2 marks) (b) Provide a reconciliation of the fixed production overhead variances in (a). (2 marks)