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Giao Son Ltd produce wooden furniture, which it sells in a variety of retail outlets

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Giao Son Ltd produce wooden furniture, which it sells in a variety of retail outlets. The business operates under a marginal costing system and uses standard costing techniques to control its short term performance. One of its products is a Large Round Table. This product has the following standard cost card. Standard Cost Card Large Round Table £ Materials at £55 per square metre 165 Labour at £15 per hour 30 Total variable cost 195 Budgeted sales of Large Round Tables for November 2020 were 220 units at £490 each. The business expects total monthly overheads to be £237,000. The management accountant reviewed the actual performance for November 2020 and produced the following information based on sales of 237 Large Round Tables. £ Sales revenue 114,945 Materials (830 square metres) 39,200 Labour (440 hours) 6,820 Actual fixed overheads were £275,000. There was no opening or closing stock of the finished product.
REQUIRED
a) Calculate: i. the sales price variance and sales volume variance,
ii. the material usage variance and material price variance,
iii. the labour efficiency variance and labour rate variance,
iv. the fixed overhead expenditure variance.