Question 5 (22 marks) One of your housemates has a new job as an assistant accountant for Windsor Pty Ltd. One of her first tasks was to prepare a manufacturing performance report for the company's single product for June. While working at home her laptop suffered a fatal error. Using your laptop, she retrieves her backup but realises it has only some of the information she had prepared. She has to present at the management meeting tomorrow morning, and has asked for your help. The available information is presented below: Windsor Pty Ltd Manufacturing Performance Report for June 2018 Direct Material Direct Labour Variable Fixed Overhead Overhead Standard cost allowed for (7kg @S18/kg) (2 hrs @ $21/hr) actual output Flexible $60,000 Budget for Overhead Actual Costs $283,500 (14,000@$20.25/kg) (8,800 @2/hr) Variances: MPV MOV $9.0000 LRV $13,200U LEV $ 4,200F VSV $ 3,960U VEV S 1.800F FBV $4,875U 2 In addition to this data, your housemate recalls the following: Budgeted production was 500 units more than actual production All direct material purchased in June was used in production Overhead is allocated on the basis of direct labour hours The fixed overhead budgeted allocation rate is $6/direct labour hour PVV Required: (a) Prepare a worksheet or analysis showing each of the manufacturing cost variances (.e., for materials, labour and overheads) under standard costing. Note: Some information is provided above but some is missing and needs to bo determined. Use your worksheet/analysis to determine the following information to assist your housemate: 0 Actual production in units (11) Standard kilograms of Direct material allowed per unit (1) Direct Material Price Variance (iv) Standard direct labour hours allowed per unit (V) Actual Direct Labour Rate Budgeted Variable Overhead Rate (vii) Actual Variable Overhead costs (vii) Actual Fixed Overhead costs (ix) Production Volume Variance (9 marks) (vi)