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Q.8 Neptune Limited (NL) is engaged in the production of a single product Lunar-1 and uses standard absorption costing system. NL has total production capacity of 6,250 units per month whereas it operates at a normal capacity of 80%. Following information pertains to the month of August 2022: Standard cost card per unit: Rupees Direct material (8 kg at Rs. 30 per kg) 240 Direct labour (6 hours at Rs. 25 per hour) 150 Overheads* (Rs. 20 per labour hour) 120 "include budgeted fixed overheads of Rs. 200,000. Sales and production data: Budgeted selling price per unit Rs. 700 Budgeted sales Units 4,000 Actual sales Units 5,200 Actual production Units 5,400 Additional information: There was no inventory at the beginning of the month. 50,000 kg direct material was purchased in bulk in order to avail discount of Rs. 150,000. Actual material loss was 10% as against the budgeted loss of 6%. (iv) Workers' wages were increased by 10% effective from 1 August 2022 due to prevailing high inflation. This increased workers' efficiency by 5% as compared to the budget. (v) Actual overheads (both fixed and variable) amounted to Rs. 720,000. Fixed overheads were over absorbed by Rs. 30,000. Required: (b ) Compute the following variances for the month of August 2022: (1) Sales volume variance (211) (in) Material price and usage variances Labour rate and efficiency variances (iv) Fixed overhead expenditure variance (V) Variable overhead expenditure and efficiency variances (14)