QUESTION 1. Boot Strap is a manufacturer of high quality security products. The following data relates to the 'Boot'. STANDARD COST CARD Direct Materials Direct Labour Fixed Overheads 3 kgs @ $15.00 per kg 2 hours @ $8.00 per hour 2 hours @ $14.00 per hour Budgeted production for the month of October 2021 was 30,000 units. Actual results were as follows: Units Produced 32,000 Direct Material Used (kgs) 89,600 Direct Material Cost ($)1,164,800 Direct Labour Hours Worked Direct Labour Cost Fixed Overhead Expenditure Required: Calculate the following variances: 1. Total Material variance Material Price Variance 57,600 ($)489,600 ($) 840,960 (2 marks) II. (2 marks) III. Material Usage Variance (2 marks) IV. Total Labour variance (2 marks) V. Labour Rate Variance (2 marks) VI. Labour Efficiency Variance (2 marks) VII. Total Fixed Overhead Variance (2 marks) VIII. Fixed Overhead Expenditure Variance (2 marks) IX. Fixed Overhead Volume Variance (2 marks) X. Fixed overhead capacity (2 marks) XI. Fixed overhead efficiency (2 marks)