XYZ Ltd uses a standard costing system for its single product in which variable and fixed overhead are applied on the basis of direct labour hours. The management accountant has provided th information for the current year as shown below: Standard costs per unit: Raw materials (1.5 grams at $16 per gram) Direct labour (0.75 hours at $8 per hour) Variable overhead (0.75 hours at $3 per hour) Fixed overhead (0.75 hours at $2 per hour) $24.00 $6.00 $2.25 $1.50 $33.75 25,000 units Planned production units Budgeted fixed overhead Actual costs and operations for current year: Units produced Purchases of raw materials (21,000 grams at $17 per gram) Raw materials used Direct labour (16,750 hours at $8 per hour) Variable overhead Fixed overhead $37,500 22,400 units $357,000 33,400 grams $134,000 $48,575 $36,800 Required: In reviewing the operating performance for the current year, you are requested by the Financial Controller to calculate the following cost variances: (a) Direct materials price variance (DMPV) (b) Direct materials quantity variance (DMQV) (c) Direct labour rate variance (DLRV) (d) Direct labour efficiency variance (DLEV) (e) Variable overhead spending variance (VOHSV) Variable overhead efficiency variance (VOHEV) (g) Fixed overhead budget variance (FOHBV) (f) (h) Fixed overhead volume variance (FOHVV)