Question 4 10 Marks 25 Minutes Aquarius Inc. produces sh tanks for aquariums in Ottawa. The company currently utilizes a standard costing system. Below outlines the standard cost for Aquarius's most popular product, the Glass Bowl. Quantity Required for one Glass Bowl Standard Rate/Price Direct Materials 4.0 kg $ 13.00 per kg Variable Manufacturing Overhead 4.0 hours 5 8.00 per hour Direct Labour 5.0 hours S 19.00 per hour Fixed Overhead 2.0 hours 5 10.00 per hour Overhead is allocated based on direct labour hours and the average production volume of 10,500 Glass Bowls. This currently utilizes 70% ofthe maximum capacity. Below is information related to the February 2022 production, in which 8,000 Glass Bowls were produced: Direct Materials purchased 35,000 5 460,000 Direct materials used 35,000 $ 450,000 Direct Labour 39,000 5 456,000 Variable Overhead $ 210,000 Fixed Overhead S 189,000 REQUIRED A) Calculate the standard quantity of materials needed to make 8,000 Glass Bowls B) Calculate the standard quantity of la hour-hours needed to make 8,000 Glass Bowls C) Calculate the Direct Materials Price Variance. Indicate if it is favourable or unfavourable. D) Calculate the Direct Materials Quantity Va ria nce. Indicate if it is favourable or unfavourable. E) Calculate the Direct Labour Efciency Variance. Indicate if it is favourable or unfavourable