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2 a Evolor Inc. produces medical devices for hospitals in Ottawa. The company currently utilizes a standard costing system. Below outlines the standard cost for Evoloe's most popular product, the heart monitor. Quantity Required Standard for One Monitor Rate/Price 5 Direct Materials 3.1 kg $ 11.50 per kg 6 Variable Manufacturing Overhead 3.0 hours S 5.95 per hour 7 Direct Labour 1.8 hours $ 17.00 per hour 8 Fixed Overhead 1.4 hours $ 9.50 per hour 9 Overhead is allocated based on direct labour hours and the average production volume of 25,000 heart monitors. This currently utilizes 10 90% of the maximum capacity. 11 12 Below is information related to the February 2022 production, in which 26,000 monitors were produced: 13 14 Quantity Cost 15 Direct Materials purchased 72,000 $850,000 16 Direct materials used 81,000 S 840,000 17 Direct Labour 45,000 $ 710,000 18 Variable Overhead $ 250,000 19 Fixed Overhead $ 130,000 20 21 REQUIRED 22 A) Calculate the standard quantity of materials needed to make 26,000 monitors (1 mark) 23 B) Calculate the standard quantity of labour-hours needed to make 26,000 monitors (1 mark) 24 ) Calculate the Direct Materials Price Variance (2 marks) 25 D) Calculate the Direct Materials Quantity Variance (2 marks) 26 ) Calculate the Direct Labour Efficiency Variance (2 marks) 27 ) Calculate the Variable Overhead Spending Variance (2 marks)