The plant of Oh So Heavenly Company produces a moisturizing lotion. At beginning of the year the plant had the following standard cost sheet: The plant calculates its overhead rates using practical volume, which is 72000 ur The actual results for the year are as follows: Required: Calculate the following: 2.1 Calculate the direct materials price and usage variances. 2.2 Calculate the direct labour rate and efficiency variances. 2.3 Calculate the fixed overhead spending and volume variances. Interpret Assignment 1 Marks: 100 Due: 3 Sept 2 volume variance. 2.4 Calculate the variable overhead spending and efficiency variances. 2.5 Prepare journal entries for the following: a. The purchase of direct materials b. The issuance of direct materials to production c. The addition of labour to Work in Process d. The addition of overhead to Work in Process e. The incurrence of actual overhead costs f. Closing off of variances to Cost of Goods Sold