question from either Section B Spacey plc is in the manufacturing industry and it manufactures and...

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question from either Section B Spacey plc is in the manufacturing industry and it manufactures and sells a product known as GMT. The manager of the department that produces the products created a monthly budget for the product at the beginning of the year, based on 9,000. units of the product being produced and sold. Labour Materials Fixed overhead Selling price (2 hours x £10.5) (450g x £28 per kg) Sales Costs: Labour Material Fixed overhead Profit 17,800 hours 4100 kg However in April, only 8,500 units were actually produced and sold and his actual monthly budget values we as follows: £ £ per unit 21 202,800 124,700 88,000 12.6 11 64 £ 572,000 415,500 156,500 Required a. Calculate the following: Material price variance; Material usage variance; Labour price variance; Labour efficiency variance; Fixed overhead variance; Sales price variance; Volume variance (14 marks) b. Discuss the possible reasons relating to the variances you have calculated. If marks) question from either Section B Spacey plc is in the manufacturing industry and it manufactures and sells a product known as GMT. The manager of the department that produces the products created a monthly budget for the product at the beginning of the year, based on 9,000. units of the product being produced and sold. Labour Materials Fixed overhead Selling price (2 hours x £10.5) (450g x £28 per kg) Sales Costs: Labour Material Fixed overhead Profit 17,800 hours 4100 kg However in April, only 8,500 units were actually produced and sold and his actual monthly budget values we as follows: £ £ per unit 21 202,800 124,700 88,000 12.6 11 64 £ 572,000 415,500 156,500 Required a. Calculate the following: Material price variance; Material usage variance; Labour price variance; Labour efficiency variance; Fixed overhead variance; Sales price variance; Volume variance (14 marks) b. Discuss the possible reasons relating to the variances you have calculated. If marks)