Sawdust Ltd manufactures a single product, a laminate bulk product which is sold to a business customer for further processing. The standard cost of a block of the intermediate product is 197 made up as follows: Direct materials 12 kilogrammes at 6 per kg 72.00 Direct labour 5 hours at 5.50 per hour 27.50 Variable overheads 5 hours at 7.50 per hour 37.50 Fixed overheads 5 hours at 12 per hour 60.00 197.00 The standard selling price of the product is 280. The monthly budget projects production and sales of 750 units. The company operates an absorption costing system and recovers overhead through a Direct Labour Hour basis. Actual figures for the month of December 2018 are as follows: Sales 730 units at 270 per unit Production 730 units Direct Labour 3,750 hours costing 21,600 Direct materials 7,300 kgs costing 38,690 Variable overheads 25,000 Fixed overheads 42,000 You are required to: (a) Calculate the following variances and explain why such variances may arise: i) Total Fixed overhead ii) Fixed overhead expenditure iii) Fixed Overhead Volume iv) Fixed overhead volume capacity v) Fixed overhead volume efficiency vi) Variable overhead expenditure vii) Variable overhead efficiency