Problem 1) (20 marks) X Co. produces a single product. The standard costs for one unit of product are as follows: $8.00 $50.40 Direct Materials: 8 ounces at $1 per ounce Direct Labour: 2.8 hours at $18 per hour Variable Manufacturing Overhead: 2.8 hours at $9 Total Std. Variable Cost Per Unit per hour $25.20 $83.60 During March, 4,000 units were produced. The costs associated with March's operations were: $18,900 Materials Purchased: 21,000 ounces at $.90 per ounce Material Used in Production: 29,000 ounces Direct Labour: 11,500 hours at $18.25 per hour Variable Manufacturing Overhead Costs Incurred: $209,875 $101,000 Required: a) Determine Direct Material Price and Efficiency Variances. b) Determine Direct Labour Price and Efficiency Variances. c) Determine the Flexible Budget Variance for Direct Labour