ACC4245 - Performance Management Topic 2C: Variance Analysis - BL Questions QUESTION AX company's budgeted production of Product Z for the month ending 30th November 20X2 was 10,000 units. The fixed overheads were budgeted at $320,000. The standard costs for the product are: Direct materials - 6 liters of material A at $3.00 per liter Direct labor - 4 hours at $5.00 per hour Variable production overhead is absorbed at $4.00 per labor hour The actual results for the month ended 30 November 20X2 were; Production 9,800 units Direct materials 59,700 litres at a total cost of $176,115 Direct labor 39,500 hours at a total cost of $192,080 Variable production overheads incurred $154,200 Fixed production overheads incurred $312,000 Required: Calculate the following variances: a) Direct material price b) Direct material usage C) Direct labor rate d) Direct labor efficiency e) Variable overhead expenditure f) Variable overhead efficiency g ) Fixed overhead expenditure (f/ohd budget variance) h) Fixed overhead volume