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REQUIRED Use the information provided below to calculate the following variances. In each case state...

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REQUIRED Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 1.3.1 Material quantity variance 1.3.2 Labour efficiency variance (4 marks) 1.3.3 Variable manufacturing overheads expenditure variance (4 marks) INFORMATION (4 marks) Regal Ltd uses the standard costing system. The standards and actual information for May 2022 for the only product that it manufactures are as follows: \begin{tabular}{|l|l|} \hline \multicolumn{2}{|l|}{ Standards: } \\ \hline Direct materials & 4kg@ R7 per kg \\ \hline Direct labour & 5 hours @ R60 per hour \\ \hline Variable manufacturing overheads & R12 per labour hour \\ \hline Normal production & 12000 units per month \\ \hline \end{tabular} \begin{tabular}{|l|l|} \hline Actual information for May 2022: \\ \hline Direct materials used & 43000kg@ R7.50 per kg \\ \hline Direct labour & 56000 hours @ R58 per hour \\ \hline Variable manufacturing overheads & R649 600 \\ \hline Production & 11000 units manufactured \\ \hline \end{tabular}

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