QUESTION 3 (16 MARKS) Bawanika Sdn Bhd (BSB) is a manufacturer of plastic goods. These are information of standard cost and actual production for the month of January 2015: Items Sales and production Sale Price Direct materials Direct labour Variable Overhead Fixed Overhead Standard 20,000 units RM125 per unit 10 kg per unit@RM4.50 per kg 3 hours per unit@ RM 7 per hour 3 hours per unit @ RM 4 per hour 3 hours per unit @ RM 2 per hour Actual 21,000 units RM137.50 per unit 220,000 kg@RM 4.30 per kg 61,500 hours @RM7.20 per hour RM 178,200 RM 110,000 Variable overhead and fixed overhead absorp based on direct labour hour. BSB estimated sales and production for the month of January is 20,000. REQUIRED: i) Calculate variance: a) Price variance and Quantity variance for direct materials. b) Rate variance and efficiency variance for direct labour. [4m] [4m] c) Expenses variance and efficiency variance for variable overhead. d) Budget variance and volume variance for fixed overhead. [4m] [4m]