Instruction: Complete ALL questions from this section. Question 1 A company supplies organic honey to AC Hotel. Standard costs for one unit for 202 December were as follows: $ Direct Materials 10kg @ $16 per kg 160 Direct Labour 8 hours @ 24 per hr 192 Overheads (based upon an overhead absorption rate of $16 per labour hr) 64 416 Budgeted input in December was 2400 units. Actual results in December were as follows: 2,600 units were made Direct materials used 13,200Kgs, at a total cost of $100,320 Direct labour was 10,660 hours at a cost of $130,052 Actual fixed overheads were $88,000 Required: i. Material price variance ii. Material usage variance iii. Labour rate variance iv. Labour efficiency variance v. Fixed overhead price variance vi. Fixed overhead efficiency variance