T Add Category Insert Table Chart Text Shape Media Comment Collaborate Format Organize Problem 1 Problem 2 Problem 3 Problem 4 Problem 5 View + | 125% Zoom Question 4 10 Marks 26 Minutes Beta Fish Inc. produces fish tanks for aquariums in Ottawa. The company currently utilizes a standard costing system. Below outlines the standard cost for Beta Fish's most popular product, the Glass Bowl. Direct Materials Variable Manufacturing Overhead Direct Labour Fixed Overhead Quantity Required for one Glass Bowl 3.5 kg Standard Rate/Price $ 13.20 per kg 4.5 hours $ 8.50 per hour 5.5 hours $ 19.50 per hour 1.5 hours $ 10.20 per hour Overhead is allocated based on direct labour hours and the average production volume of 13,500 Glass Bowls. This currently utilizes 75% of the maximum capacity. Below is information related to the February 2022 production, in which 11,000 Glass Bowls were produced: Quantity Cost Direct Materials purchased Direct Labour Direct materials used Variable Overhead Fixed Overhead REQUIRED 38,000 $560,000 40,000 $600,000 59,000 $550,000 $ 300,000 $ 250,000 A) Calculate the standard quantity of materials needed to make 11,000 Glass Bowls B) Calculate the standard quantity of labour-hours needed to make 11,000 Glass Bowls C) Calculate the Direct Materials Price Variance. Indicate if it is favourable or unfavourable. D) Calculate the Direct Materials Quantity Variance. Indicate if it is favourable or unfavourable. E) Calculate the Direct Labour Efficiency Variance. Indicate if it is favourable or unfavourable. Your Response Nothing selected. Select an object to format.