Question 3 (25 marks; 45 minutes) You are the management accountant of T Ltd. The following computer printout shows details relating to April: T Ltd uses a standard costing absorption costing system. There was no beginning or ending work-inprocess. Required: 3.1 Calculate the direct materials price and usage variances. 3.2 Calculate the direct labour rate and efficiency variances. 3.3 Calculate all fixed overhead variances. 3.4 Close off all the variances to the cost of goods sold account