Question 2 (15 Marks) Direct materials Direct Labour Actual price per unit of input (kg and hours) Standard price per unit of input Quantity purchased Actual labour hours $25 $20 6,000kg $17 $21 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) 1 MAC003 Trimester 2 2021 FEX Page 2 of 7