Section B - Answer the following Questions: Q1. A company produces and sells one product only, Surat, the standard cost of one product unit is as follows: $ Direct Material X - 10 kg at $30 per kg Direct Material Y - 6 liters at $6 per liter Direct Labor - 5 hours at $7 per hour Fixed production overhead Total standard cost 300 36 35 60 431 The fixed overhead included in the standard cost is based on an expected monthly output of 950 units. Fixed production overhead is absorbed on the basis of direct labor hours. During December, the actual results were as follows: Production Material A Material B Direct labor Fixed production overhead 850 units 8,700 kgs used, costing $250,900 4,100 liters used, costing $28,650 4,300 hours worked for $25,100 $59,000 Required: Calculate all Cost Variances. (Total marks = 6)