QUESTION 3 Bliing Company produces a single product. Budgeted data relating to the product for the period just ended was: Standard production cost Direct material $ per unit Direct labour Fixed overheads (3 kilos @ $38.50 per kilo) (2.5 hours $19.20 per hour) (2.5 hours @ $21.50 per hour) 115.50 48.00 53.75 Production and sales: 2,500 units Standard selling price $280 per unit Actual results for the next period were: Production: 3,040 units Sales: 2,880 units sold for $781,200 Direct material (purchased and used): 9,630 kilos costing $360,485 Direct labour: 7,120 hours costing $149,520 Fixed overheads: $138,650 REQUIRED (a) Calculate the following variances for the period: (i) selling price (ii) sales volume profit (5 marks) (5 marks) (iii) direct material price (5 marks) (iv) direct material usage (5 marks) (v) direct labour rate (5 marks) (vi) direct labour efficiency (5 marks) (vii) fixed overheads expenditure (5 marks) (viii) fixed overheads volume (5 marks)