You are in charge of Budgeting and Control in ACME manufacturing. The following information was made available to you by accounts Direct Materials: Direct Labour: Standard Quantity 11,000 Standard Hours 3,000 Actual Quantity 13,000 Actual Hours 2,875 Standard Price $15 Standard Rate $12 Actual Price $13 Actual Rate $13 Required: Prepare a memo to the CEO of the company explaining the variances in Material and Labor . The memo should include the detailed calculations for each variance and the possible reasons and potential remedies for each variance