QUESTION 3 Pearson Ltd, which produces only one product, has the following budget and standard information for the year ending 30th November 2020 Production for the budget year is expected at 1,500 units and standard selling price and cost per unit of product Standard cost per unit Direct material 10kg at S20 per kg 2.5 hour at S40 per hour Direct labour The actual results for November 2020 are as follows Actual production 1,450 units Direct material 15,0000kg at $285,000 Direct labour 4000 hours at $152.000 Required a) Calculate the following variances i Material price variance ii. Material usage variance ii. Total material cost variance iv. Labour rate variance V. Labour efficiency variance VI. Total labour cos variance [18 marks]