QUESTION 8 V Limited operates a standard costing system and a system of budgetary control. The budgeted information and standard costs for March 2020 were as follows. Budgeted output 2500 units...

Extracted text: QUESTION 8 V Limited operates a standard costing system and a system of budgetary control. The budgeted information and standard costs for March 2020 were as follows. Budgeted output 2500 units Budgeted fixed overheads $48000 Standard cost per unit Direct materials $24 (3 kilos at $8 each) Direct labor $64 (4 hours at $16 each) V Limited uses labor hours to absorb fixed overheads. The actual results for March 2020 were as follows. Output 2400 units Fixed overheads $49800 Direct materials cost $68340 Direct materials usage 8040 kilos Direct labor costs $156864 Direct labor hours 9120 hours Required: (a) (i) Calculate the direct materials price and quantity variance. (ii) State the 2 reasons for each of the direct materials variance. (b) 1) Calculate the direct labor rate and efficiency variance. (ii) State the 2 reasons for each of the direct labor variance. (c) (i) Calculate the fixed overheads expenditure variance. (ii) Calculate the fixed overheads volume variance