Question 5 (25 Marks) Part A (20 marks) The Roto Plastics Company (RPC) produces bins and other containers for the sanitation industry using environmentally friendly composite materials. At the beginning of the year the plant had the following standard cost card.at budget: The standard cost card for the company Jumbo bins is given below: The overhead rates are computed using practical capacity of 95,000 units per year. There was no beginning inventory of raw material. The actual results for the year are as follows: a. Unit produced 105,000 b. Direct materials purchased, 1,625,000 lbs @ $12.50 per lb c. Ending raw materials inventory, 17,500lbs d. Actual labour cost $2,016,400. A labor savings of $1.00 per hour was realized this year. e. Forming Machine hours used for the year was 31,500 . f. Total fixed overhead cost, $928,000 g. Total variable overhead cost, $1,970,400 Required 1. How many pounds (lbs) of material were used in production? 2. Compute the material price and materials quantity variances. 3. How many direct labour hours were worked during the period? 4. Compute the direct labour rate and efficiency variance. 5. Compute the variable overhead spending and efficiency variances. 6. Compute the fixed overhead budget and volume variance. (1 Mark) (4 Marks) (1 Mark) (4 Marks) (5 Marks) (5 Marks) Part B ( 5 marks) Discuss the function of variance analysis in the responsibility accounting system of performance management