Question 3 You are a newly employed Accountant at Harvey company Lid. The company produces two products, X and Y. Within the first week of your arrival, you were presented with the following information by a member of the management team. Various calculations and analyses must be done by the end of the day because the information is urgently needed for a management meeting. The data given were as follows: Harvey Co. Ltd detailed information for the period for Product X. Standard output from each ton of material 50 units Standard price per ton $150 Actual usage 100 tons Actual price per ton $200 Actual output 6000 units Gross Direct wages $30 000 Standard hours 1 600 hours Standard rate per hour $15 Actual hours paid 1 500 hours Actual hours paid include hours not worked 50 hours (abnormal idle time) The following information relates Product X and Y for the period 2020. Product Budgeted Sales Actual Sales X 1 000 @ $2 = $ 2 000 1 800 @ $2.50 = $4 500 V 3 000 @ $3 = $9 000 4 200 @ $2.75 = $11 550 4 000 $11 000 6,000 $16 050 Required: You are required to calculate the following for Harvey Company Ltd, indicating whether the variances are favourable or adverse: 1. Material price variance ii Material usage variance iii. Material cost variance iv. Labour rate variance V. Labour efficiency variance vi. Labour cost variance vii. Total Sales variance, viii. Sales price variance ix. Sales quantity variance. X. Sales Mix variance