The standard production costs of a company's single product are: Direct material per unit Direct labour per unit Fixed overheads 10 kg @ 4 per kg 2 hours @ 8 per hour 12 per direct labour hour Budgeted production and sales for month 5 were 500 units and the budgeted selling price was 100 per unit. Actual sales and costs recorded in month 5 were as follows: Sales Revenue from sales Direct material used Direct labour Fixed overheads 520 units 49,400 4,250kg at a total cost of 18,000 915 hours at a total cost of 8,920 11,880 All production was sold during the period and there was no opening stock at the beginning of month 5. (c) Calculate the following variances: (i) Selling price (ii) Sales volume profit (iii) Direct material price (iv) Direct material usage (v) Direct labour rate (vi) Direct labour efficiency (vii) Fixed production overhead expenditure (viii) Fixed production overhead volume. (10 marks)