Swakop Machine CC prepares its budget on the basis of standard costs. The following information relates to the current period. Standard costs (per unit of output): NS Direct materials (1kg @ N$10 per kg) 10.00 Direct labour (2 hours @ N$40 per hour) 80.00 20.00 Variable production overheads (25% of labour costs) Fixed production overheads (12,50% of labour costs) 10.00 Total standard cost 120.00 Budgeted direct labour hours for the current period 3 600 hours Actual costs for the month: Material purchased: 3 000 kg @ N$9.00 per kg Output: 1 900 units using 2 100 kg of materials Labour: 3 200 hours @ N$50.00 per hour Variable production overheads: N$45 000 Fixed production overheads: N$18 000 REQUIRED: MARKS 3.1. Calculate the total standard cost of the actual production 2 3.2 Calculate the total actual cost of the actual production 3.3 Calculate the following variances: 3.3.1 Material price and usage variance 3.3.2 Labour rate and efficiency variance 3.3.3 Variable overhead spending and efficiency variance