Styles Question 3 LAURA Inc makes business suits for men and women. The company uses a standard cost system. The following is the standard cost card for one line of men's business suits. Quantity for 1 Unit Standard Rate or Price Direct materials 5.2 metres $6.75 per metre Direct labour 1.2 hours $12 per hour Variable overhead 1.2 hours $3 per hour Fixed overhead 1.2 hours $6 per hour Overhead application rates are determined on the basis of a normal production volume of 10,200 suits, which is 85% of maximum capacity. Actual results for July 2020, during which 12,000 suits were made, are as follows: Quantity Cost Direct material purchased Direct materials used Direct labout Variable overhead Fixed overhead 55,000 metres 67,000 metres 14,000 hours $ 376,750 $ 458,950 $ 168,000 $ 38,000 $ 75,000 REQUIRED: must SHOW YOUR WORK FOR PART MARKS Place your answers in the spaces provided here 1. The standard quantity of materials needed to make 12,000 suits. 1. The standard quantity of labour-hours needed to make 12,000 suits. 2 - The direct materials price variance 2 . The direct materials quantity variance 2. The direct labour efficiency variance 2 t. The variable overhead spending variance 2 The fixed overhead volume variance Four