Question 2 Assume the following data concerns one year Actual manufacturing costs Materials Standard manufacturing cost applied aterials (1,050 units$6,300 (1,100 units (@$5.90) $6,490 $6 (3,000 hours$18,000 (3,100 hours @$6.30 $19,530 Variable overhead $4,200 Variable overhead Labour Labo $6.00) 3,100 hours @ $1.20 $3,720 Fixed overhead 4,300 Fixed overhead (3,100 hours@$1.20)$3,720 $33,460 $32,800 Fo Required: (a) (i) material price and quantity variance (ii) labour rate and efficiency variance (ii) Variable overhead spending and efficiency variance (12 marks) (b) Calculate total, expenditure and yolume variances for fixed overhead costs (hours of capacity for the year are 3,500). (4 marks) (e) Verify if the nine variances equal the difference between actual and standard costs $32,800EA Actual manufacturing costs Standard manufacturing cost applied$33,460 Total variance $660 F Actual Standard Variance 6,300$6,490$190 F $4,200 $3,720 $480 U $32,8001 s33,460 S660 Fl Direct material Direct labour $18,000 $19,530 $1,530 F variable Overhead-fixed | $4,300 | S3,720 Isssoul Total (9 marks) Total: 25 marks)