The standard production cost for product BT007 for October 2023 were as follows: Actual results for October 2023 were as follows: Required: 1.1 Calculate and comment (favourable / unfavourable) on the following variances: 1.1.1. Raw material usage variance (5) 1.1.2 Fixed overhead spending variance (5) 1.1.3 Variable overhead efficiency variance (5) 1.2. Analyse the underlying causes for variances 1.3 Evaluate the implications of budgeting for profit maximisation