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Question 1 Controller T Nuygen Limited is analyzing the direct material and direct labor variances for this year. The following information comes from the accounting records. $172,500 550,000 Pounds 54140,000 900,000 units Direct materials cost for 575,000 pounds of material Pound of material used Direct labor costs for 230,000 hours Unit produced The standard prime cost for one bar is: Direct materials 0.5 pounds at $0.25 per pound Direct labor 0.25 hours at 20 per hour Total standard prime cost per bar $0.125 SS $5.125 Required: a) Compute the direct material price, direct material quantity variance and total material price variance. (8 marks) b) Compute the direct labor rate, direct labor efficiency variance and total direct labor variance. (8 marks) c) Prepare a memorandum outlining what items should be investigated and why? (Word limit:200 words) (8 marks) d) T Nuygen Limited currently uses a traditional standard costing system. Past two years the company has been modernizing its plant and has tried to keep the old standard costing system in place by changing some of the features to reflect the more automated situation. It has now come to a point, however, where the old system just isn't providing useful information for product costing. pricing, decision making, etc. The CEO Ms. Yamaguchi has set up a team to investigate the situation and initially come up with reasons why the old system isn't working anymore. What are the problems with traditional standard costing under the current manufacturing environment? (Word limit: 300 words) (16 marks) a c) Identify and explain TWO ways that company can change its inventory level and better cash budget performance. (Word limit:200 words) (10 marks)