The Dandelion Farm in Devon manufactures Dutch style Gouda cheese which is sold on artisan food markets across the country. The following data is available for March 2020: Budgeted data: Sales 200,000 wedges of Gouda cheese Direct materials 100,000 gallons of milk Direct labour 40,000 hours Variable overheads 40,000 allocated hour Fixed overheads 68,000 at 2.80 each at 1.25 per gallon at 7.25 per hour at 1.00 per direct labour Actual data: Sales 220,000 wedges of Gouda cheese Direct material 125,000 gallons of milk Direct labour 43,500 hours Variable overheads 42,500 Fixed overheads 67,000 at 2.78 each at 1.20 per gallon at 7.30 per hour Additional information: After putting together the 2020 budget in December 2019, the Dandelion Farm management learnt that the UK average farm gate milk prices (the price paid to milk producers by the majority of dairies) are expected to reach record highs during the first half of 2020. Dandelion Farm's production has been licensed by the Dutch Gouda Heritage Foundation. To ensure compliance with the licensing terms and conditions, Dandelion Farm must send all new production staff on a four-week training course with a traditional cheese maker in the Netherlands which costs 12,000 per person. (a) Prepare a flexible budget for Dandelion Farm product for the actual level of production in March. You are expected to tabulate actual, flexed budget and static budget figures for each element of operating profit for management's review. [5 marks) (iv) (b) Showing all necessary workings, calculate the following variances for March 2020: (0) Total direct materials flexible-budget variance (ii) Total direct labour flexible-budget variance Total variable overhead flexible-budget variance Direct materials price variance (v) Direct materials efficiency variance (vi) Direct labour price variance (vii) Direct labour efficiency variance (viii) Variable overhead spending variance Variable overhead efficiency variance [6 marks) (ix) (c) Comment on the possible causes of the variances you calculated in b), and explain and discuss possible interdependencies among them. [6 marks] (d) Should Dandelion Farm use a job order costing system or a process costing system to value its inventories? Explain your