Question Kasia Manufacturing Company has developed the following standards for one of their products: STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT Direct materials: 20 square meters at RM5 per square foot RM100.00 Direct labor: 8 hours at RM6 per hour 48.00 Variable overhead: 8 hours at RM3 per hour 24.00 Total standard variable cost per unit RM172.00 The company records materials price variances at the time of purchase. The following activities occurred during the month of July: Materials purchased 150,000 square metersat RM5.25 per sq. foot Materials used 96,000 square meters Units produced 5,000 units Direct labor 41,000 hours at RM6.55 per hour Actual variable overhead RM238,000 Required: From the foregoing information, compute the following variances and indicate whether they are favorable (F) or unfavorable (U). State possible reasons why each of the variances occurred. a. Material price variance (4 marks) b. Material usage variance (4 marks) C. Direct labourrate variance (4 marks) d. Direct labour efficiency variance (4 marks) e. Variable overhead spending variance __(4 marks) f . Variable overhead efficiency variance _(4 marks) (Total: 24 marks)