Question 4 10 Marks 25 Minutes Beta Fish Inc. produces fish tanks for aquariums in Ottawa. The company currently utilizes a standard costing system. Below outlines the standard cost for Beta Fish's most popular product, the Glass Bowl. Direct Materials Variable Manufacturing Overhead Direct Labour Fixed Overhead Quantity Required for one Glass Bowl Standard Rate/Price 3.5 kg $ 13.20 per kg 4.5 hours $ 8.50 per hour 5.5 hours $ 19.50 per hour 1.5 hours $ 10.20 per hour Overhead is allocated based on direct labour hours and the average production volume of 13,500 Glass Bowls. This currently utilizes 75% of the maximum capacity. Below is information related to the February 2022 production, in which 11,000 Glass Bowls were produced: Direct Materials purchased Direct materials used Direct Labour Variable Overhead Quantity Cost 38,000 $560,000 40,000 $600,000 59,000 $550,000 $ 300,000 $ 250,000 Fixed Overhead REQUIRED A) Calculate the standard quantity of materials needed to make 11,000 Glass Bowls B) Calculate the standard quantity of labour-hours needed to make 11,000 Glass Bowls C) Calculate the Direct Materials Price Variance. Indicate if it is favourable or unfavourable. D) Calculate the Direct Materials Quantity Variance. Indicate if it is favourable or unfavourable. E) Calculate the Direct Labour Efficiency Variance. Indicate if it is favourable or unfavourable.