Question 2 [30 Marks] TWG Inc manufactures and sells fruit juices for a major company. The company operates a standard marginal costing system. The CEO has provided the following standard costs data for the product below: Direct materials Direct labor Standard Quantity or hours 2.0 pounds 6 hours Variable manufacturing overhead 6.5 hours Standard Price or rate $10 per pound $7.50 per hour $9.00 per hour During the month of June 2020, 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 per pound Actual direct labour cost per hour 20,000 units 21,000 pounds 19,000 pounds 124,950 hours $565,740 $19.90 $7.60 126,000 hours Actual variable manufacturing hours Required: a) Compute the materials price variance. a) Compute the materials quantity variance. b) Compute the labour rate variance. c) Compute the labour efficiency variance. d) Compute the variable overhead rate variance. e) Compute the variable overhead efficiency variance. [4 Marks] [4 Marks] [4Marks] [4 Marks] [4 Marks] [4 Marks]