Yellow Ltd, a food manufacturer, is reviewing its operation for March 2021. The company produces only one product, called YM. The following standard revenue and cost data per unit of the product is available: Production and sales Selling price Direct material Direct labour 90,000 units 24.00 (4 kg at 2.50 per kg) 10.00 (0.5 hrs at 14.00 per 7.00 hour) Fixed production overheads for March 2021 were expected to be 220,000. Actual data for March 2021 was as follows: Production and sales Direct material Direct labour Fixed production overheads 84,000 units of YM were produced and sold at 24.50 each. 378,000 kg were used at a total cost of 869,400. 50,400 labour hours were worked at a total cost of 655,200. Fixed production overheads were 240,000. There were no inventories at the start or end of March 2021. Required: (a) Calculate the following variances: Material price and usage variances Labour rate and efficiency variances (4 Marks) (b) Suggest possible explanations for the variances you have calculated in part (a). In your answer, ensure to discuss about the possible relationships between material and labour variances.