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Part B 10 Marks The Finance and Accounting Manager has learnt of variances in direct materials and direct labour for the month June 2021 and is seeking to ascertain the source of these variances (i.e. whether it was the result of pricing/rate and/or quantity. He utilizes standard costing to assist with this exercise. The following details are provided: Standard Cost Information Actual Cost Information Material $1 Direct Labour Price: Quantity: 4 kg per unit Rate: $1.50 Quantity: 2 hours per unit Budgeted: 10,000 units Total Cost: Total Quantity: Total Cost: Total Quantity Actual: $34,000 35,000 kg $30,000 17,000 hours 9,000 units Production Required: a) Compute materials price variance and materials quantity variance. b) Compute direct labour rate variance and direct labour quantity variance. c) Compute the total materials and total direct labour variances. 4 Marks 4 Marks 2 Marks