Question 2 [30 Marks] Fem Corporation uses variance analysis as a method of cost control. The CEO has provided the following standard costs data for the product below Direct materials Standard Cost Per Unit (3 kg at $10/kg) $30 (4 hours at $6/hour) 24 Variable manufacturing overhead Total (4 hours at $2/hour) 8 62 Direct labor During the month of April 2022, the company reported the following results for the product Actual output Purchases of raw materials Raw materials used in production Actual direct labour-hours Actual variable manufacturing overhead cost Actual cost of raw material Actual direct labour cost Actual variable manufacturing hours Required: [Show all formulas and workings] a) Compute the materials price variance. b) Compute the materials quantity variance. c) Compute the labour rate variance. d) Compute the labour efficiency variance. e) Compute the variable overhead rate variance. 11,500 units 37,250 Kgs 32,000 kgs 45,350 hours $220,000 $390,000 $308,380 55,000 hours f) Compute the variable overhead efficiency variance [4 Marks] [4 Marks] [4 Marks] [4 Marks] [4 Marks] 14 Markel