Question 1 Timbersand Sdn. Bhd. manufactures a single product and the following standard costs apply: Cost RM Direct materials (5kg) 30.00 Direct labour (4.5 hours) 40.50 Variable production overheads (4.5 hours) 13.50 Fixed production overheads (4.5 hours) 18.00 Total Standard Production Cost (per unit) 102.00 Production and sales were budgeted at 15,000 units for the period. The actual data for the period is as follows: E Production 15,900 units. Direct materials purchased and used 82,500 kilos costing RM478,500.00. Direct labour 69,900 hours at a cost of RM650,070.00. Z Variable production overheads amounted to RM223,680.00. E Fixed production overheads totaled RM261,000.00. Required: a. Calculate the following variances for the perlod: i. Direct Material Price and Usage ii. Direct Labour Rate and Efficiency iii. Variable Overhead Expenditure and Efficiency iv. Fixed Overhead Expenditure and Overhead Volume b. State the reason for each of the variances on the Direct Materials and Direct Labour costs