Question 5 (30 marks): Gargantua PLC has produced the following budget and actual information: Budget Actual Production units 10,000 11,000 Direct materials Magna per unit 4 kg @ 1.50/kg 46,500 kg - cost 67,425 Carta per unit 1 kg @ 5/kg 11,500 kg - cost 58,650 Labour per unit 2.5 hours @ 7 26,400 hours cost 187,440 Fixed overheads $75,000 $68,000 a) Prepare a budget of production costs, including direct materials, direct labor and fixed overheads. b) Determine the cost variances