Reguired: a. Compute material, labour and variable overhead variance b. State what would be the overall net favourable or unfavourable variance for the month o January 2015 c. Assume that BRIK Ltd. had budgeted cost of goods sold to be $30,000 for January. What would BRIK Ltd. report as its actual cost of goods sold? d. Explain one possible reason on why quantity varianceis favourable or unfavourable? 2. BRIK Ltd determined that the manufacturing plant has produced 2000 units for the month of Januaryr 2015. Variances are to be closed to cost of goods sold on a monthly basis. The following information was provided by BRIK Ltd Standards: Standard Hours Standard Price Direct Material 2 units $5 per unit Direct Labour 0.?5hours 15 per hour Variable |Overhead (based on $1.2 per hour machine hours) Actuals: I Worked 1,200 direct labour hours at a cost of $14 per hour I 5,000 units of material was purchased at a cost of $4.1 0 Beginning raw material for the month was zero a 4,300 units of material was used into production a $1,300 worth of variable overhead costs was incurred; 1,000 machine hours were recorded