Question 7 2 pts What is the variable overhead expenditure variance? O E8,600(A) O f1,000(A) O E8,60OF O f1,00OF Question 8 2 pts What is the variable overhead efficiency variance? O E1,00OF O f1,20OF O f1,200(A) O f1,000(A)Question 9 2 pts What is the fixed overhead expenditure variance? O E5,00OF O E5,000(A) Question 10 2 pts What is the fixed overhead volume variance? O E4,00OF Of12,00OF O f4,000(A) O f12,000(A)Poppy Ltd manufactures a single product, the rug. The standard cost card for this item is as follows: - - Variable production overhead - 3 15 hrs at 5 Fixed production overhead - 3 hrs at 20 - The standard sales price per unit is 260. The budgeted production and sales for March were 3,000 units, and the budgeted xed production overhead (from which the xed cost per unit was derived) was 180,000. Actual results for March were: Actual results for March were: Sales and production 2,800 units Sales revenue 714,000 Direct materials (purchased): A 18,000 kgs 131,400 B 14,000 kgs 54,600 Direct materials (used): A 13,000 kgs B 28,000 kgs Direct labour 8,600 hrs 232,200 Variable production overhead 51,600 Fixed production overhead 175,000 All inventory is valued at standard cost. *Note the company operates an absorption costing system* *Note the company operates an absorption costing system* REQUIREMENT Prepare the following variances - 1) Sales price and volume 2) Materials price and usage 3) Direct labour rate and efficiency 4) Variable overhead expenditure and efficiency 5) Fixed overhead expenditure and volumeQuestion 1 1 pts What is the sales price variance? O 14,00OF O 15,00OF 15,000(A) O 14,000(A) Question 2 1 pts What is the sales volume variance? O 10,000(A) O 22,00OF O 10,00OF O 22,000(A)Question 3 2 pts What is the materials price variance for material A & B? O f3,600(A) and E2,40OF O E5,40OF and E1,400(A) O E3,60OF and E2,40OF O f5,400(A) and E1,400 F Question 4 2 pts What is the material usage variance for material A & B? O f13,140F and f21,840F O f13,140(A) and f21,840(A) O f12,60OF and f22,40OF O f12,600(A) and E22,400(A)Question 5 1 pts What is the direct labour rate variance? O f16,80OF O f16,800(A) O f17,200(A) O E17,20OF Question 6 1 pts What is the direct labour efficiency variance? O E5,00OF O E5,000(A) O f5,400(A) O E5,40OF