Question 1(a). What is variance analysis? Question 1 (b). For each of the following variance state two (2) of their causes: Sales price variance Sales volume contribution variance Direct material price variance Direct material usage variance Direct labour rate variance Direct labour efficiency variance Variable overhead expenditure variance Question 1 c). For each of the following variance state one of their implications: Sales price variance Adverse Sales volume contribution variance Favourable Direct material price variance Adverse Direct material usage variance Favourable Direct labour rate variance Favourable Direct labour efficiency variance Favourable Variable overhead expenditure variance Adverse