Using the information below calculate the variances required which are detailed at the end of the financial information. (CLO 3) BUDGET Unit Total Production (8,700 units) Materials 4 kg @ 4.50/kg 18 156,600 Labour 5hrs @ 5/hr 25 217,500 ACTUAL Production (8,900 units) Materials purchased 35,464 kgs for 163,455 161,043 Labour (45,400 hours worked and paid) 224,515 Required: Calculate the following variances: (i) Total Materials Variance (iv) Total Labour Variance (ii) Materials Usage Variance (v) Labour Efficiency Variance (iii) Materials Price Variance (vi) Labour Rate Variance