QUESTION 1 (25 MARKS) Joyce Bhd. developed the following standard costs for its product R for the year 2021: Standard quantity Standard price Direct material Direct labor 5 kilograms RM4 per kg 2 hours RM10 per hour The company expected to produce 25,000 units of product R in 2021. Actual results for 2021 were as follows: 24,200 units of product were actually produced. There was no opening and closing inventory. Direct labor costs were RM449,100 for 49,900 direct labor hours actually worked and there is no labor idle time incurred. Actual direct materials purchased and used during the year cost RM479,000 for 126,340 kg. Required: a. Briefly explain the importance of variance analysis for the company. (4 MARKS) b. Define the meaning of labor idle time and list THREE (3) possible causes. (4 MARKS) C. Compute total standard costs for the expected production of 25,000 units. (5 MARKS) d. Calculate the following variances: i. Direct material price ii. Direct material usage iii. Direct labor rate (3 MARKS) (3 MARKS) (3 MARKS) iv. Direct labor efficiency (3 MARKS)