PART B - CASE STUDY AND PRACTICAL QUESTION (30 MARKS) During June, Harry Hand Pty Ltd purchased 6,200 kgs of raw materials at a price of $5.6 per kgs. Actual cost incurred in the producon of 3,000 finished units were followings: Direct labour: $112,995 (@ $18.6 per hour) Direct materials: $26,880 (@ $5.6 per kg) Actual fixed overhead: $11,000 Actual variable overhead: $47,385 Harry Hand adopts standard cosng system to record and manage manufacturing costs and applies manufacturing overhead to products on the basis of labour hours. The standard cost and budget informaon for June as follows: Direct labour Direct materials 2.1 hours at $18.5 per hour 1.5 kgs at $5.5 per kg Budgeted acvity level Fixed overhead 2,800 units $2 per labour hours (budgeted at 2,800 units of producon output) Variable overhead $8 per labour hours Required: 1. Prepare cosng sheet to detail the total manufacturing cost and manufacturing cost per unit, based on standard cosng system. 2. Calculate variances for direct materials cost, direct labour costs and manufacturing overheads. 3. Analyse the variance, propose various possible reasons to explain the variance and suggest soluons to solve unfavourable variances