Question 2 2x el New Castle Electronics has the following standards and flexible budget data: Standard variable overhead rate $3.00 per direct labour hour Standard quantity of direct labour 2 hours per unit of output XV Budgeted fixed overhead $50,000 Budgeted output 25,000 units 270.000 Actual results for April are given below: Actual output Actual variable overhead Actual fixed overhead Actual direct labour (D H ) 20,000 units $320.000 $97,000. 25,000 hours 7H Required: (a) Variable overhead spending variance. (4 marks) (b) Variable overhead efficiency variance. (4 marks) (Fixed pverhead expenditure variance. (4 marks) (d) Fixed overhead volume variance. (4 marks) (e) One of the stated advantages of standard costing is 'more stable product costs'. Evaluate any THREE (3) other advantages of standard costing. (9 marks) (Total: 25 marks)