Question 2 Majan Factory manufactures one product called Whim perfume. The company recorded the standard information for one bottle of whim. Standard quantity of materials as 7.2 pounds for a price of 2.50 OMR per pound. Budgeted labor hours as 0.4 hours and the rate as 10 OMR per hour. During the month twenty thousand pounds of material were purchased at a cost of 2.40 OMR per pound. In addition, All the materials were consumed in the production of manufacturing 2,500 bottles of whim. Nine hundred hours of direct labor time were recorded at total labor cost of 10,800 OMR. Required: 1. Compute the following for, (a) Material Price Variance (b) Material Quantity Variance (c) Labor Rate Variance (d) Labor Efficiency Variance. [ 4 marks]