Question 4 (Budget variance) 20 Marks Orville Company's standard and actual costs per unit are provided below for the most recent period. During this time period 400 units were actually produced. Standard Actual Materials: Standard: 2 metres at $1.50 per $3.00 m. Actual: 2.1 metres at $1.60 per $3.36 1 m. Direct labour: Standard: 1.5 hrs. at $6.00 per 9.00 hr. Actual: 1.4 hrs. at $6.50 per hr. 9.10 Variable overhead: Standard: 1.5 hrs. at $3.40 per 5.10 hr Actual: 1.4 hrs. at $3.10 per hr. 4.34 Total unit cost $17.19 $16.80 For simplicity, assume there was no inventory of materials at the beginning or end of the period. Total unit cost $17.19 $16.80 For simplicity, assume there was no inventory of materials at the beginning or end of the period. Required: Given the information above, compute the following variances. Also indicate if the variances are favorable or unfavorable. 1. Materials price variance I 2. Materials quantity variance 3. Direct labour rate variance 4. Direct labour efficiency variance 5. Variable overhead efficiency variance