Question 2 (15 Marks) Direct materials Direct Labour Actual price per unit of input (kg and hours) $25 $17 Standard price per unit of input $20 $21 Quantity purchased 6,000kg Actual labour hours 50,000 hours Required: Given the above information, what are the price and rate variances of direct materials and direct labour respectively? [Answer and show workings here] MAC003 Trimester 2 2021 FEX 16 2 of 7