R R 250.00 Selling price Production costs Direct material: 12 metres at R1.50 per metre 18.00 24.00 Direct labour: 4 hours at R6-00 per hour Variable overhead: 4 hours at R15.00 per hour Fixed overhead: 4 hours at R10.00 per hour 60.00 40.00 142.00 Gross profit R108.00 Budgeted production and sales are 1,000 Dreamers per month Actual results for the manufacture and sale of Dreamers for the most recent month were as follows: Sales: 1.200 beds at R240 each. Production: 1,300 beds Direct material (purchased and used): 16,000 meters at R1 40 per meter Direct labour (worked and paid): 5,000 hours at R6 00 per hour Variable overhead R75, 500 Fixed overheads R54, 600. There were no opening stocks of finished goods. Scanned with CamScanner (2 marks) (2 marks) (2 marks) Required: (a) Calculate the following variances for the most recent month (i) Direct material price; (ii) Direct material usage; (iii) Direct labour rate; (iv) Direct labour efficiency; (v) Variable overhead expenditure; (vi) Variable overhead efficiency; (vii) Fixed overhead expenditure; (viii)Fixed overhead capacity; (ix) Fixed overhead efficiency; (2 marks) (2 marks) (2 marks) (3 marks) (2 marks) (2 marks)