QUESTION SEVENLusambo Ltd produces and sells chemical XYZ$.$ The standard cost per unit of XYZ as follows;Direct material$7\mathrm{.}5$ Ltr @ K$4\mathrm{.}5$ per litreDirector labour$2\mathrm{.}5$ hours @ K$6$ per hourVariable overheads$2\mathrm{.}4$ hours @ K$1\mathrm{.}5$ per house The monthly budgeted fixed overhead were K$1,500$ for $2,000$ budgeted production hours. Lusambo Ltd is expected to produce and sell $10,000$ units. The actual results for the month were as follows:Production and sales volume$9,200$ unitsMaterial $72,000$ Litres costingK$270,000$Labour hours $27,500$ hours costingK$137,550$Variable overheadsK$45,000$Fixed overheadsK$25,300$ Requireda$)$ Calculate the following variances:$($i$)$ Material price$($ii$)$ Material usage$($iii$)$ Labour rate$($iv$)$ Labour efficiency$($v$)$ Variable overhead expenditure$($vi$)$ Variable overhead efficiency$($vii$)$ Fixed overhead expenditure$($viii$)$ Fixed overhead volume$(12$ marks$)$ b$)$ Pick any four $(4)$ variances above and explain the causes$(8$ marks$)$c$)$ Explain four $(4)$ types of standards that can be used in organizations.$(5$ marks$)$