QUESTION 5 (20 Marks) The following performance report summarizes budget and actual usage and costs for the items shown for a particular month in which 100 SeaCruiser hulls were produced by Cruiser Inc. Actual Variance Budget $46 125 $345 U Raw materials: $45 780 Glass fiber cloth: Budget; Standard/hull of 218 meters @$2.10/m x 100 hulls Actual: 22 500 m @2.05/m 387 F Direct labour: 33 280 32 893 Build up labour: Budget: Standard/hull of 26 hrs @$12.80/hr x 100 hulls Actual: 2 540/hrs @12.95/hr Variable overhead: 8 320 8 128 192F Related to build up labour Budget: Standard/hull of 26hrs @$3.20/hr x 100 hulls Actual: 2 540hrs @ $3.20/hr $87 380 $87 146 Totals $234 E Required Analyse the budget variance for each item by calculating the quantity and cost per unit of input variances