Folan Ltd operates a standard marginal costing system for the single product it manufactures.

The standard selling price of this product is 132 per unit.

Production and sales of 6000 units are budgeted for period 10.

The variable manufacturing cost standards set for period 10 are as follows:

Direct material (2.5 kilos x 16.90 perkilo)

Direct labour (1.25 hours x 18.80 per hour)

Variable production overhead (1.25 direct labour hours 13.40 per hour)

Per unit:

Direct material = 42.25

Direct labour= 23.50

Variable production overhead = 16.75

The variable production overheads are absorbed on the basis of direct labour hours.

Actual results for Period 10 were as follows:

Production 6,380 units

Sales (5640units)= 810,750

Direct material purchased and used (14730 kilos) = 279,870

Direct labour (8,535 hours) = 153,630

Variable production overhead = 89,740

Opening and closing stock of finished goods are valued at the standard variable manufacturing cost per unit for period 10.

Required:

1. Direct labor cost variances

2. Direct material cost variances

3. Variable production OH variances

4. Selling price variance

5. Sales volume variance