Question 1: CNC Company's Budget and actual costs per unit are provided below for the most recent period. During this period, 600 units were actually produced. Product Product Standard Cost Actual Cost Materials Metres Unit Price Per Metre Standard 5 $2.00 $10.00 Actual 5.2 $2.20 $11.44 Direct labour Hours Hourly Rate Standard 3 $5.00 $15.00 Actual 3.2 $5.50 $17.60 Variable overhead Hours Hourly Rate Standard 4 $3.00 $12.00 Actual 4.2 $3.10 $13.02 Total unit cost $37.00 $42.06 Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable 1. Materials price variance - 2. Materials quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead rate variance 6. Variable overhead efficiency variance 7. Please give some managerial suggestions based on your calculation