QUESTIONS 1. Standard costing and variance analysis effects in the manufacturing sector cannot be over- emphasized. Discuss the usage of standard costing in the company's context to be selected based on the first alphabet of your mother's name. (10 Marks) 2. Describe the types of standards and how they are established for business. Illustrate with an example to be selected from the company based on the first alphabet of your mother's name. (10 Marks) 3. Enumerate the standard-setting process. Illustrate with an example to be selected from the company based on the first alphabet of your mother's name. (10 Marks) 4. Explain the concept of direct material cost variance. Calculate and interpret direct material price and quantity variance. Illustrate with an example to be selected from the company based on the first alphabet of your mother's name. (10 Marks) 5. What is Direct labour cost variance? Illustrate with an example to be selected from the company based on the first alphabet of your mother's name. (10 Marks) 6. What is Factory Overhead cost variance? Illustrate with an example to be selected from the company based on the first alphabet of your mother's name. (10 Marks)