i) Fixed overhead: a. Total actual fixed overhead b. Total budgeted fixed overhead c. Total applied fixed overhead d. Budget variance e. Volume variance 2) al Explain possible causes for 3 of the above variances (your choice). (3 marks) b) What was the total cost of production, and the cost per blanket? (2 marks)Banya Tree Club operates a small manufacturing division that produces various souvenir products with the resort's logo. One of these products is a beach blanket, which uses standard costing. You have been asked to evaluate the blanket's production data using the following information. Actual Data: Standard Data: Material purchased 18,000 meters Material 20 meters per blanket @ $0.90 per meter Material used 19 meters/blanket Labour 4 hours per blanket @ $15.00 per hour Direct Labour 4.2 hours/blanket Overhead - Fixed 4 hours per blanket @ 1.25 per hour Total Manufacturing OH $10,980 500 beach blankets were produced during the period. Variable overhead is based on direct labour hours. The total predetermined overhead rate is $5.25 per hour and the denominator level of activity is 2,400. Variances: Material Price Variance $900 Unfavourable Total Labour Variance $1,125 Unfavourable Total Fixed Overhead Variance $700 Unfavourable