QUESTION 5 (20 MARKS) 5.1 REQUIRED Use the information provided below to calculate the following variances. In each case state whether the variance is favourable or unfavourable. 5.1.1 Materials issue price variance (3 marks) 5.1.2 Materials quantity variance (3 marks) 5.1.3 Labour rate variance (3 marks) 5.1.4 Labour efficiency variance. (3 marks) INFORMATION Standards: The following standards were set by Asus Manufacturers for each unit of product Zap: Raw materials: 3 kilograms of Material K at a price of R5 per kilogram. Direct labour: 2 hours at a rate of R100 per hour. Actual information for May 2024: 10 000 kg of Material K was purchased for R53 000. 3 000 units of product Zap were produced using 8 800 kg of Material K. The wage records showed that it took 6 200 hours at a cost of R607 600 to produce the 3 000 units of product Zap.