Samsung Industries has provided the following standard data based on an expected monthly production of 25,000 units. At this level, variable overhead was expected to be $2,000,000. Materials 9.6 kg at $8.00 per kg Labour 16 hours at $24 per hour Total Overhead (fixed plus variable) 16 hours at $22 per hour Actual data for June was: Materials purchased 300,000 kg at $2,520,000 Materials used for production 265,000 kg Direct labour 452,000 hours for $10,950,000 Total Overhead (fixed plus variable) $9,360,000 Budget Variance $100,000 Unfavourable Units produced 28,000 units Required: 1) Round all dollar amounts to two decimal places ($0.00). [16 marks] Material price variance b. Material quantity variance C. Labour rate variance d. Labour efficiency variance e. Variable overhead spending variance f. Variable overhead efficiency variance g. Fixed overhead volume variance 2) In four sentences or less, explain the meaning of the Volume Variance. What causes this variance to be favourable or unfavourable? [2 marks]