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(1 x 9 marks = 9 marks) Section C - Long Answer Questions - Answer any ONE The management accountant of Marks & Spenser, a largest retail store of UK and having branches in many countries of the world, have disclosed the following information to the higher management of the company for its operations of October 2020. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Cost Actual Cost $14.40 $14.74 Direct materials: Standard: 4.0 yards at $3.60 per yard .. Actual: 4.4 yards at $3.35 per yard. Direct labour: Standard: 1.6 hours at $4.50 per hour Actual: 1.4 hours at $4.85 per hour 7.20 6.79 2.88 Variable manufacturing overhead: Standard: 1.6 hours at $1.80 per hour Actual: 1.4 hours at $2.15 Total cost per unit per hour 3.01 $24.54 $24.48 During October 2020, the company produced 4,800 units of product. It has been further informed that during the month of October, 21,120 yards of materials were purchased and used production Required: a) For direct materials, compute the price and quantity variances for the period. b) Prepare the journal entry for price and quantity material variance c) For direct labor, compute the rate and efficiency variances. d) Compute the variable manufacturing overhead spending and efficiency variances. (1 x 9 marks = 9 marks) Section C - Long Answer Questions - Answer any ONE The management accountant of Marks & Spenser, a largest retail store of UK and having branches in many countries of the world, have disclosed the following information to the higher management of the company for its operations of October 2020. The company uses standard costs for all of its products. The standard costs and actual costs for a recent period are given below for one of the company's product lines (per unit of product): Standard Cost Actual Cost $14.40 $14.74 Direct materials: Standard: 4.0 yards at $3.60 per yard .. Actual: 4.4 yards at $3.35 per yard. Direct labour: Standard: 1.6 hours at $4.50 per hour Actual: 1.4 hours at $4.85 per hour 7.20 6.79 2.88 Variable manufacturing overhead: Standard: 1.6 hours at $1.80 per hour Actual: 1.4 hours at $2.15 Total cost per unit per hour 3.01 $24.54 $24.48 During October 2020, the company produced 4,800 units of product. It has been further informed that during the month of October, 21,120 yards of materials were purchased and used production Required: a) For direct materials, compute the price and quantity variances for the period. b) Prepare the journal entry for price and quantity material variance c) For direct labor, compute the rate and efficiency variances. d) Compute the variable manufacturing overhead spending and efficiency variances