Question 2 (Marks: 10) Thiba Ltd uses a standard costing system. It manufactures and sells packets of chips. The standard costs are as follows: 100g raw material at a cost of R20 per kg. 15 minutes of direct labour at R20 per hour. Variable overheads at R4 per labour hour. Fixed overhead RS 000 per month. . Actual results for August 2020 were as follows: Packets manufactured -5 000 units. Material purchased and issued - 525kg @ R18 per kg. Total labour hours amounted to 1300 hours at a total cost of R27 300. Total variable overheads were R20 000 Total fixed overheads amounted to R6 000. Required: Calculate the following variances for August 2020. Q.2.1 Material purchase price variance. (4) Q.2.2 Labour efficiency variance. 4) 2.2.3 Fixed overhead expenditure variance. (2)