Question 2 Cummings Ltd manufactures a single product. The following is an extract from the Standard Cost Card for the month of Jul}.r EDI E. 51311de Cost \"unit -___ Direct raw materials 4 metres 350ml 3 4IJDD Direct labour 1 hour 4mm 4l} Tuna] The actual results Ior the month were as follows: Production 1,500 units Direct rauur material purchased SEED metres for $5,002,501] Opening stock direct ra'uur materials we metres Closing stock direct ram:r materials 350' metres Direct wages paid 5571500 for 1540 hours A. You are required to calculate and give one reason for each of the following variances: i. Direct material price variance. ii. Direct material usage variance. iii. Direct material total variance. iv. Direct material labour rate variance. v. Direct labour eiciency variance. vi. Direct labour total variance. E. State QNE I] I possible reason for the subvvariances calculated above. C. Discuss the relationship between management by exception and variances (2 marks} (2 marks} (1.5 marks] (2 marks] (2 marks} (1.5 marks} (4' marks] (5 marks}