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: per litre Direct material Direct labour Variable overhead Fixed overhead Standard Quantity (per batch) 50 litres 0.5 hours 0.5 hours 0.5 hours Standard Price (RM) 1.50 7.00 per hour 3.00 per hour 5.00 per hour Standard Costs (RM) 75.00 3.50 1.50 2.50 RM82.50 During February 2022, the company implemented a four-weeks, in-house training programme for its production-line workers on lean manufacturing and productivity. In times of peak seasonal demand, the normal operating capacity of the production line is expected at 150 labour hours for 300 batches. 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: (1) Total material variance (ii) Total labour variance (ii) Overhead volume variance (iv) Overhead controllable variance (v) Total variance (20 marks)