Question 2 Deep Dive Inc. produces fish tanks for aquariums in Ottawa. The company currently utilizes a standard costing system Below outlines the standard cost for Deep Dive's most popular product, the Glass Bowl Standard Rate/Price Quantity Required for one Glass Bowl 5 Direct Materials 5.0 kg $ 15.00 per kg 5 Variable Manufacturing Overhead 5.0 hours $ 10.00 per hour Direct Labour 6.0 hours $ 21.00 per hour B Fixed Overhead 3.0 hours $ 12.00 per hour 9 Overhead is allocated based on direct labour hours and the average production volume of 20,500 Glass Bowls. This 10 currently utilizes 80% of the maximum capacity 11 12 Below is information related to the February 2022 production, in which 18.000 Glass Bowls were produced 13 14 15 Direct Materials purchased 16 Direct materials used 17 Direct Labour 18 Variable Overhead 19 Fixed Overhead 20 21 REQUIRED Quantity 35,000 Cost 120,000 95,000 ****** 22 A) Calculate the standard quantity of materials needed to make 18.000 Glass Bowls 23 B) Calculate the standard quantity of labour-hours needed to make 18,000 Glass Bowls 24 C) Calculate the Direct Materials Price Variance Indicate if it is favourable or unfavourable. 25 D) Calculate the Direct Materials Quantity Variance Indicate if it is favourable or unfavourable, 26 E) Calculate the Direct Labour Efficiency Variance Indicate if it is favourable or unfavourable 27 28