Question1 (Approximate completion time: 30 mins) (CLO 3] (Total 25 marks) On January, 2021 the following Standard Cost Card relating to the product Cleanex was extracted from the records of Quicksoap Ltd. Standard Cost Card Details Direct materials 4 litres @ $500 Direct labour 2 hrs @ $50 Total cost $ 2.000 100 2,100 Actual results for the period: Production 400 units Direct raw materials purchased 1,700 litres at a cost of $765,000. Opening stock of direct raw materials 100 litres Closing stock of direct raw materials 40 litres Direct wages $45,000 for 750 hours Required: (a) Explain the concept of variance analysis. (3 marks) (b) Calculate direct raw material price variance. (5 marks) (c) Calculate direct raw material usage variance. (5 marks) (d) Calculate direct labour rate variance. (5 marks) (e) Calculate direct labour efficiency variance. (5 marks) (f) Identify two (2) possible causes of direct labour efficiency variances. (2 marks)