REQUIRED Use the information provided below to calculate the following variances. In each case state whether the varience is favourable or unfavourable. 1.3.1 Material quantily variance 1.3.2 Labour efficiency variance (4 marks) 1.3.3 Variable manufacturing overheads expenditure variance (4 marks) INFORMATION (4 marks) Regal Lid uses the standard costing system. The standards and actual information for May 2022 for the only product that it manufactures are as follows: \begin{tabular}{|l|l|} \hline Standards: & \\ \hline Direct materials & 4kg@ R7 per kg \\ \hline Direct labour & 5 hours @ R60 per hour \\ \hline Vaniable manufacturing overheads & R12 per labour hour \\ \hline Normal production & 12000 units per month \\ \hline \end{tabular} Actual information for May 2022: \begin{tabular}{|l|l|} \hline Direct materials used & 43000kg@ R7.50 per kg \\ \hline Direct labour & 56000 hours @ R58 per hour \\ \hline Variable manufacturing overheads & R649600 \\ \hline Production & 11000 units manufactured \\ \hline \end{tabular}