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Question - 3 - Delta Production Company Delta production Company is manufacturing different types of products. Company is using Standard costing as a control technique which compares standard costs and revenues with actual results to obtain variances which are used to improve performance. The following standard cost is related to one of their popular product DT. Types of Cost Standard quantity Standard price Direct materials 0.8 kilos OMR 12 per kilo Direct labour 0.5 hours OMR 6 per hour The company has actually produced 12000 units of DT in the Month of December using 6,500 kgs of direct materials at total cost of OMR 62000. The total 2200 labour hours are used at a total cost of OMR 25600. Calculate: a) Direct material Price and Usage variance. b) Direct labour rate and Efficiency Variance. 5 Marks 5 Marks c) Evaluate the reasons of the variances calculated in a and b above and discuss if there is any interrelation between them. 5 Marks d) Standard Costing is very important control tool, evaluate the importance of it in budgetary process within the Delta Production company. 5 Marks