Question 5 Answer the questions from the information provided. 5.1 Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 5.1.1 Materials issue price variance (3 marks) 5.1.2 Materials quantity variance (3 marks) 5.1.3 Labour rate variance (3 marks) 5.1.4 Total labour variance, without using the other labour variances. (3 marks) INFORMATION Standards: The normal monthly production of Everest Manufacturers is 4 000 units. The following standards were set for each unit of product Nix: Raw materials: 2 kilograms of Material V at a price of R5 per kilogram. Direct labour: 5 labour hours at a rate of R10 per hour. Actual information for March 2022: 10 000 kg of Material V was purchased for R48 000. 3 800 units of product Nix were produced using 8 360 kg of Material V. The wage records showed that it took 18 240 hours at a cost of R191 520 to produce the 3 800 units of product Nix.