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QUESTION 3 Lovy Corp. (LC) produces a popular brand of hoodies which it sells to wholesalers at a price of $15. LC uses standard costing and has determined the following standard costs for a budgeted production level of 12,500 units Direct materials Direct Labour 2 metres a $6 per metre 0.25 hours a $20 per DLH 0.25 hours $10 per DLH 0.25 hours $12 per DLH Variable MOH Fixed MOH In the most recent month, a total of 1,500 units were produced and sold Additional information: 1. LC purchased 24,000 metres of direct materials during the month at a total cost of $138,000. It had 2.500 metres on hand at the beginning of the month, and it ended the month with 1.500 metres. 2. During the month, LC incurred 3050 direct labour hours at a total cost of $62,525 3. The total manufacturing overhead during the month was $05,000, of which variable manufacturing overhead consisted of $32025. Required: a) Calculate the following variances and note them in the blanks Required: a) Calculate the following variances and note them in the blanks. Materials prloo variance was $ (State F for favourable, U for unfavourable) (State F for favourable. U for unfavourable) Materials quantity variance was $ b) Calculate the following variances and note them in the blanks. (State Flor favourable, U for unfavourable) Fixed overhead budget variance was $ (Stato F for favourable. U for unfavourable) Fixed overhead volume variance was $