Question 12 4 pts Tim has asked his company's financial controller to accumulate data on the sale of the company's products. The following data was gathered: - Budgeted production and sales: 5,000 - Actual production and sales: 6,000 - The standard requires 1.5kg of material at a budgeted cost of $1.52 per kg and two hours of assembly time and testing time at a cost of $12.50 per hour. - The product sells for $32 each - Actual production costs for the 6,000 products totalled $12,900 for 8,600kg and $161,700 for 13,200 labour hours Required: 1. Calculate the two Direct Material variances (2 marks) Direct Material Price Variance = $ Direct Material Usage Variance = $ 2. Calculate the two Direct Labour variances (2 marks) Direct Labour Rate Variance = $ Direct Labour Efficiency Variance = $ Relevant Formula Material Price Variance = Actual QuantityPurchased (Actual Price - Standard Price) Material Usage Variance = Standard Price x (Actual Quantityused - Standard Quantityused) Labour Rate Variance = Actual Hours x (Actual Rate - Standard Rate) Labour Efficiency Variance = Standard Rate x (Actual Hours - Standard Hours)