Standard cost of product A Materials (5 kgs at RM 10 per kg) Labour (4 hrs at RM5 per hr) Variable overheads (4 hrs at RM2 per hr) Fixed overheads (4 hrs at RM6 per hr) Budgeted Data Actual Results Production: 1,200 units Production: 1,000 Sales: 1,000 units Sales: 900 units Selling price: RM 150 per unit Materials: 4,850 kgs, RM 46,075 Labour: 4,200 hrs, RM 21,210 Variable overheads: RM 9,450 Fixed overheads: RM 25,000 Selling price RM 140 per unit Required: 1. Calculate ALL variances (16 marks) 2. Explain THREE (3) advantages a system of standard costing might bring to a company. (3 marks) 3. Describe THREE (3) disadvantages a system of standard costing. (3 marks) 4. Name THREE (3) individuals who are involved in the setting up of the standard cost. (3 marks)