QUESTION 3 Ability Square Ltd produced the following standard cost card for its brand of local rice called 'Abena' for the month of October 2019. GHE Materials 4kg @ GH+4 per kg 16 Labour 2 hours @ GH5 per hour 10 Variable overheads 10 2 hours @ GH5 per hour 2 hours @ GHe7 per hour Fixed overheads 14 Total standard cost per unit of 'Abena' bag 50 Budgeted production was 14,000 Abena bags for the month at a selling price of GH65 per Abena bag. During the month, 12,700 Abena bags were produced and sold at GH75 per Abena bag. The actual costs were: GH 241,300 Materials 63,500 kg Labour 22,860 hours 160,020 Variable overheads. 148,590 Fixed overheads 210.000 759.910 Required: For each of the cost elements compute the following variances: (i) Direct material price variance (ii) Direct material usage variance (iii) Direct labour rate variance (iv) Direct labour efficiency variance (v) Variable overhead efficiency variance (vi) Variable overhead expenditure variance (vii) Fixed overhead efficiency variance (viii) Fixed overhead capacity variance () Fixed overhead volume variance (x) fixed overhead expenditure variance 1.5 Marks 1.5 Marks 1.5 Marks 1.5 Marks 1.5 Marks 1.5 Marks 1.5 Marks 1.5 Marks 15 marks 1.5marks