A. Define standard cost. [1 mark] B. Blue Emory Ltd. manufactures one product and uses a standard costing system. The following standard cost card is available for its product: STANDARD VARIABLE COST CARD ONE UNIT OF PRODUCT Direct materials: 2 pounds x $50 per pound $100.00 Direct labour: 1.5 hours x $20 per hour 30.00 Variable overhead: 1.5 hours x $10 per hour 15.00 Total standard variable cost per unit $145.00 The company records materials price variances at the time of purchase. The following activities occurred during the month of February: Materials purchased 3,000 pounds at $48 per pound Materials used 2,100 pounds Units produced 1,000 units Direct labour 1,400 hours at $25 per hour Calculate the following variances and indicate if they are favourable (F) or adverse (A): 1. Material price [2.5 marks] I1. Material usage [3 marks] Total material [1 mark] IV. Labour rate [2.5 marks] V. Labour efficiency [3 marks] VI. Total labour [1 mark] C. Provide one (1) possible cause for each of the variances calculated in B above for