Question 2: The following information for 2017 was given for the Ken-Glo Company, which manufactures light bulbs Units of finished goods produced Direct material quantity standards Direct material used in production Direct material purchased Direct material standard price per unit 15,000 units 3 units of DM per unit of Finished good 50, 000 units 60, 000 units Rs.1.25 each Instructions: Calculate the following variances a. Direct Material Price Variance b. Direct Material Efficiency Variance Actual DM price per unit Direct labor Efficiency Standard Actual DL hours worked DL standard Wage Rate DL actual wage rate Rs.1.10 each 2 Direct labor hours per unit 30, 250 hours Rs. 4.20 per hour Rs. 4.50 per hour c. Direct Labor Efficiency Variance d. Direct Labor Price Variance (8 Marks)