QUESTION 5 Syarikat Lofa is a small enterprise bottling banana milk tea for convenient stores. The company uses standard cost system and has developed the following standards for 2022: Standard Quantity Standard Price Standard Costs (per batch) (RM) (RM) Direct material 50 litres 1.50 per litre 75.00 Direct labour 0.5 hours 7.00 per hour 3.50 Variable overhead 0.5 hours 3.00 per hour 1.50 Fixed overhead 0.5 hours 5.00 per hour 2.50 RM82.50 During February 2022, the company produced and sold 300 batches of milk tea. In times of peak seasonal demand, the normal operating capacity of the production line is at 150 labour hours. The actual operating results for March 2022 are as follows: Sales 300 batches at RM100 per batch Direct material 15,000 litres at RM1.60 per litre Direct labour 100 hours at RM7.00 per hour Variable overhead RM300 for 100 hours Fixed overhead RM440 for 100 hours Required: Calculate the following variances for March 2022: (i) Total material variance (4 marks) (ii) Total labour variance (4 marks) (iii) Overhead volume variance (4 marks) (iv) Overhead controllable variance (4 marks) (v) Total variance (4 marks)