B c 102 Level 3 Analysis (1 mark) 5 Keats Ino, is a privately held furniture manufacturer For August 2020, the company had the following standards for one of its products, a wicker chic Standards per Chair Input Cost Direct materials (quare meters) S 500 Direct manufacturing labour chours) 06 $ 12.10 190 Required 1. Prepare a Level 3 Variance Analysis for direct materials and direct labee (US marks) Plexible Actual Rate Variance Hybrid Hybrid Ylliciency Valance Budget Direct materials 6 7 The following data were compiled regarding actual performance Efficiency Variance Flexible Hadget Actual Rate Variance Hybrid 10 Direct labor 2.000 6.100 3.700 11 Actual output units (chairs produced 12 Square meters of input purchased 13 Square meters of inputused Price per square meter S 15 Actual hours of input 16 Direct labour price per hour $ 5.30 2. Give a plausible explanation of why each of the variances occurred. (2 marks 920 10.00 + Direct Materials: 2. Give a plausible explanation of why each of the variances occurred. (2 marks) Direct Materials: Direct Labor