Question 1(15 marks) -- Standard Costs and Variance Analysis STEFANO Company makes laptops, for which the following standards have been developed: Direct Costs Standard Inputs Expected for Each Unit of Output Standard Price Expected per Unit of Output $4.5 per kilogram Direct materials 1 kilogram $26 per hour Direct labour 3 hours During March, production of 120 laptops was expected, but 100 laptops were actually completed. Direct materials purchased and used were 110 kilograms at an actual price of S4 per kilogram. Direct labour cost for the month was $7,830, and the actual pay per hour was $27.00. I Instructions: . Compute the direct-material quantity variance for the month of March (3 marks) b. Compute the direct-labour rate (price) variance for the month of March (3 marks) C. Compute the direct-labour efficiency (quantity) variance for the month of March. (3 marks) d. What is the budgeting process? Briefly explain all budgets for the full mark. (6 marks)