Question 5 Matrix Ltd uses a standard marginal costing system. Details relating to the Neo, the only product that it manufactures are as follows: Materials Labour Standard Cost per Neo 4 Kg @ 11 per Kg 5 hours @ 9 per hour 4 44 45 Budgeted output for the year was 900 Neos. Budgeted fixed costs were 50,000. During the year ended 31st May 2024, the actual results were as follows: Output: 950 Neos Materials: the total cost of the 3,900 Kgs purchased and used was 38,500 Labour: the workers were paid 44,000 for working 5,000 hours. REQUIRED: Part (a) 1. Prepare a Flexed budget to reflect the actual level of production. 2. Calculate the following variances: Overall Material Variance Material Usage Material Price Overall Labour Variance Labour Rate Labour Efficiency