V Limited operates a standard costing system and a system of budgetary control. The budgeted information and standard costs for March 2020 were as follows.

Budgeted output	2500 units
Budgeted fixed overheads	$48000
Standard cost per unit
Direct materials $24	(3 kilos at $8 each)
Direct labor $64	(4 hours at $16 each)

V Limited uses labor hours to absorb fixed overheads.

The actual results for March 2020 were as follows.

Output	2400 units
Fixed overheads	$49800
Direct materials cost	$68340
Direct materials usage	8040 kilos
Direct labor costs	$156864
Direct labor hours	9120 hours

Required: (a) (i) Calculate the direct materials price and quantity variance. (4 mark) (ii) State the 2 reasons for each of the direct materials variance. (2 marks)

(b) (i) Calculate the direct labor rate and efficiency variance. (4 marks) (ii) State the 2 reasons for each of the direct labor variance. (2 marks)

(c) (i) Calculate the fixed overheads expenditure variance. (2 marks) (ii) Calculate the fixed overheads volume variance. (2 marks)