Task 2a: ClO3 OBJECTIVE: To enable learners to use variance analysis for the purpose of benchmarking when evaluating performance and to further control organisational output, efficiency and sustainability. REQUIREMENT: Standard Costing \& Variance Analysis Question Muar Fabrics Corporation manufactured 20,000 units of special multilayer fabric with the name Stailoo. The following standard costs were developed for Stailoo: The following information is available regarding the company's operations for the period: Budgeted fixed overhead for the period is $450,000, and the standard fixed overhead rate is based on the expected capacity of 90,000 direct labour hours. The materials price variance is computed at the time of purchase. Required: Calculate the following variances and indicate whether they are favourable or unfavourable. a. Materials price and usage variances (6 marks) 6 b. Labour rate and efficiency variances (6 marks) c. Variable overhead spending and efficiency variances (6 marks) d. Fixed overhead spending and volume variances (6 marks)