ZYLEX is a manufacturer of a multi layer fabric, the standard cost to make a unit of the fabric is as follows: Direct Material Direct Labour Factory overhead 20 metres $1.35 per metre 4 hours $17.00 per hour (per unit) 27.00 68.00 24.00 119.00 Total Cost per unit In July 500 units were made and the follow ing information was presented: Material 9500 metres $13,110 Labour 2100 hours $38,430 OverheadTotal $11,800 $63,340 Required a. Calculate the Direct Materials Price and Efficiency Variances, the Labour Rate and Efficiency variances and the Factory Overhead Variance. Calculate rates to 2 decimal places only (5 x 1/2 mark) b. Other than the reason "The standard (budgeted) figure was incorrectly calculated", list one reason you could suggest for each variance calculated. (5 x 1/2 mark)