Taipan Corporation has established standards for its K15 product as follows: Direct Material Direct Labour Variable Manufacturing Overhead 3 kgs. @ $4/kg. = $12 per unit 2 hrs. @ $16/hr. = $32 per unit 2 hrs. @ $5/hr. = $10 per unit) Actual production figures for the past year are given below. The company records the materials price variance when materials are purchased. Units Produced Direct Material Used Direct Material Purchased (3.000 kgs.) Direct Labour Cost (1.100 hrs.) Variable Manufacturing Overhead Cost Incurred 600 21.000 kgs. SI 400 $20.240 $ $5,72O a. What was the materials price variance for July? Ensure you indicate whether the variance is favourable or unfavourable. b. What was the materials quantity variance for July? Ensure you indicate whether the variance is favourable or unfavourable. c. What was the labour rate variance for July? Ensure you indicate whether the variance is favourable or unfavourable. d. What was the labour efficiency variance for July? Ensure you indicate whether the variance is favourable or unfavourable. e. Taipan also produces its popular M17 product at this plant. For the past three months, the M17 product has generated a favourable material rate variance combined with an unfavourable materials quantity variance. What circumstances could lead to this situation