Workshop-Standard Costing and Variance Analysis (Cont) Question Wiffy Co manufactures perfume. The processes require the use of a single grade of labour and inputs of two raw materials, X and Y- Itisthe company's policy to hold no inventory ofraw materials, work in progress or finished goods The budgeted and actual production data for the most recent month is as follows: Budget 10,000 Achial 12,000 Sales/ production (bottles) Variable production costs Labour 0.4 hours per bottle 0.4 hours per bottle @$5 per hour 20,000$5 per hour 24,000 Raw materials Material X 15 grams per bottle @$0.10 per gram ,000 SO.11 per gram 16 grams per bottle 21,120 Material Y 5 grams per bottle 4 grams per bottle @%20 per gram 10,000 45,000 60,000 15,000 9,600 54,720 69,600 14,880 @$.020 per gram Sales @ S6 per bottie $5.8 per bottle Required: (a) Calculate the following variances for the most recent month: Sales price; Sales velume variance; Raw materials price varianee, Raw materials mix variance; Raw materials yicld variance. (iv) (b) From the infermation available, write report tothe chairman of the company explaining the variances calculated in your answer to (a)