Required: Prepare a variable overhead performance report using the format in Exhibit 10-13. Compute both variable overhead spending and efficiency variances. EXERCISE 10-7 Setting Standards [L01] Agnessa Premium Chocolate Ltd. produces specialty chocolate confections in England. The owner of the company is setting up a standard costing system; the following data is for one of the company's products, the Truffle Supreme, made with the finest white chocolate and various fillings. The data below pertain only to the British pound sterling, which is denoted by E.) the white chocolate used in the product. (The currency in the United Kingdom is Matera requirements klograms of white chocolate per doze tffs...(080 kilograms Allowance for waste, kilograms of white chocolate per dozen truffles.......002 kilograms Alowance for rejects kilograms of white chocolate per dozen truffies003 kilograms Purchase price,finest grade white chocolate.$900 Purchase discount... Shipping cost from the supplier in Bel?ium ..00ilogram 9020 per kilogram 9005 per kilogram 5%of purchase price Required 1. Determine the standard price of a kilogram of white chocolate. 2. Determine the standard quantity of white chocolate for a dozen trufles. 3. Determine the standard cost of the white chocolate in a dozen truffles. EXERCISE 10-8 Material and Labour Variances [LO2, LO3]