The following diagram reflects costs under a standard costing system. Assume that all the variances are unfavourable.

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The following diagram reflects costs under a standard costing system. Assume that all the variances are unfavourable. State, with reasons, which rectangle(s) represent:

(i) The standard cost

(ii) The actual cost

(iii) The total labour cost variance

(iv) The efficiency variance

(v) The wage rate variance.

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