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1.3 REQUIRED Calculate the economic order quantity for the year. (4 marks) INFORMATION Suntan Limited produces a product which has a steady monthly demand of 4000 units. The product requires a component that is purchased from a supplier at R20 per unit. The ordering cost is R1.20 per order. The holding cost is 10% of the unit purchase price. 1.4 REQUIRED Calculate the following variances from the information provided below. In each case also state whether the variance is favourable or unfavourable. 1.4.1 Labour rate variance (2 marks) 1.4.2 Labour efficiency variance (3 marks) 1.4.3 Total labour variance without using the labour rate variance and labour efficiency variance. (3 marks) INFORMATION Raleigh Enterprises manufactures bicycles. During the year 3000 bicycles were produced. The actual labour time was 28000 hours at a total cost of R2 660000 . Raleigh Enterprises had the following labour standard for the 4000 bicycles that it expected to produce during the year: 9 hours per unit at R90 per hour