allocated to products on the basis of standard direct manufacturing labour-hours (DLH). At the beginning of 2020, CCC adopted the following standards for its manufacturing costs: level. The records for January indicated the following: Required: 1. For the month of January 2020 , calculate the following variances, indicating whether each is favourable (f) or unfavourable (U) (12 marks) 1. Direct materials price variance, based on purchases 2. Direct materials efficiency variance 3. Direct labour price variance 4. Direct labour efficiency variance 5. Variable manufacturing overhead efficiency variance 6. Production volume variance 2. Comment on CCC's price and efficiency variances for direct materials. (3 marks) 1. What does each result suggest about price and utilisation of resources? 2. What are two possible reasons for the outcome
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