The XYZ Company produces one product whose standard cost for the year 2013 was as follows: Direct materials (6kg x GHC9) GHC54.00 Direct labour (2 hours x GHC15) Manufacturing overhead (2 hours x GHC8.90) The budgeted selling price is GHC150 30.00 17.80 101.80 At the end of 2013, the following actual results are produced by the accounting department: Units produced and sold Selling price Direct labour hours Total direct labour costs Direct materials purchased Average cost of DM purchased DM-ending inventory Calculate the following cost variances: a) DM price and quantity variances b) DL rate and DL efficiency variances 10,000kg 18,000 GHC155 39,600 GHC588,060 120,000kg GHC9.10