The table below shows the standard costs and budget information for product Alpha. Standard cost per unit: Material X Direct Labour 4 kgs @ 2 hours @ $2.50 per kg $10.00 per hour Budgeted unit selling price was $60.00 Budgeted sales volume for May 20XX was 100,000 units. Actual results for May 20XX were given below. 95,000 units were produced and sold at $65.00 each. 390,000 kgs of material X were used at a cost of $2.30 each. A total of 190,000 hours of Direct labour were used at $11 per hour. Required: Compute the following variances and state whether they are favourable or unfavourable. a) Material price variance (4 marks) b) Material usage variance (3 marks) c) Labour rate variance (4 marks) d) Labour efficiency variance (3 marks) e) Explain what could have caused each of the variances above. (6 marks)