This information applies from Q. 18-26. Vernon Mills, Inc. is a large producer of men's and women'! costs for all its products. The standard costs and actual costs per unit of product for a recent perioc are given below for one of the company's product lines: Standard Costs Direct Materials: Standard: 6.0 metres at $5.40 per metre 532.40 Direct Labour: Standard: 3.2 hours at $6 75 per hour 521.60 Variable Overhead: Standard: 3.2 hours at $2 83 per hour $9.12 Fixed Overhead Standard: 3.2 hours at $4.00 per hour 12.80 Total Cost per unit $75.92 During this period, the company produced 6,000 units of this product. The following additional information is available for the period: A total of 40.000 meters of materials was purchased at a cost of $ 202,000. There was no opening inventory. b. The company worked 17.400 direct labour hours during the period The cost of this labour time was $127,020 C. Overhead cost is applied to products based on standard direct labour hours. Related data is provided below Denominator hours 18, 720 Budgeted fixed overhead 574,890 Actual fixed overhead costs 570,470 Actual variable overhead costs 656,550 Required: 19. Calculate the following production variances: (20 marks) a) Materials price and quantity variances 20. Labour rate and efficiency variances c) Variable overhead spending variance 21. )Variable overhead efficiency variance d) Fixed overhead budget and volume variances 2. The president of Vernon Company has stated that the costs are under control. Using the largest variance in Q. 19-Q22 above, provide a short memo that would explain at least 2 possible causes of your selected variance (in addition to inaccurate standards). (2 marks)Question 18 (3 points) Listen 19. What is the material quantity variance? 70752F 69120 1632F 76032U Question 19 (3 points) Listen What is the Materials Price variance? 76032F 5280F 69120u 16320 Question 20 (3 points) Listen 23. What is the variable manufacturing overhead spending variance? 23520 12096F 1728F 624U