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Tasks: Case1 Assessment criteria: 4.1 calculate variances, identify possible causes and recommend corrective action The accountants for Polyglaze, Inc, have developed the following information regarding the standard cost and the actual cost of a product manufactured in June: _ (L Direct materials s 1.60 Standard:10 ounces at $0.16 per ounce Actual: 12 ounces at $0.16 per ounce S 1.92 Direct labor 5.00 Standard: 0.5 hours at $10.00 per hour Actual: 0.45 hours at $10.20 per hour 4.59 Manufacturing overhead: Standard: 55000 fixed cost and $5000 variable cost for 10,000 units normal monthly volume Actual: $5000 fixed cost and $4600 variable cost for 1.00 8,000 units actually produced in June Total unit cost Instructions: (harte, 2324 Instructions: (hapte 23 24 a. Compute the materials price variance and the materials quantity variance, indicating b. Compute the labor rate variance and the labor efficiency variance, indicating c. Compute the overhead spending variance and the overhead volume variance, d. () Suggest ONE possible cause for EACH of the variances calculated above. whether each is favorable or unfavorable whether each is favorable or unfavorable. indicating whether each is favorable or unfavorable. (il) Recommend corrective action for unfavorable variances . Assessment criteria 3.1 Explain the purpose and nature of the budgeting process . Assessment criteria 3.2 Select appropriate budgeting methods for the organization and