Week 5 practice - Variance analysis FMA Private Limited is a manufacturing company producing soft drink and operates a standard costing method. As a newly appointed management accountant you have a responsibility to prepare the monthly division cost report. The standard cost report uses variances to reconcile the actual costs to its budgeted costs. FMA Private Limited plans to produce 10,000 units of soft drink in the month of April 2020. You have been given the following information: Based on the information given by the various departments, you are requested to calculate the following variances: (i) Direct Material Price and quantity Variance (ii) Direct Labour rate and Efficiency Variance (iii) Variable Overhead Spending and Efficiency Variance (iv) Fixed Overhead Expenditure and Volume Variance (v) Sales Price Variance and Sales Margin Volume Variance Using the answers calculated above, you are to prepare the income statement reconciling budgeted and actual result