MNC Inc is involved in the manufacturing of watches. The standard and actual figures are as follows: Standard Actual Materials quantity 50 units 45 units Material price per unit AED 1.00 AED 0.80 Labour hours 1000 hrs 900 hrs Rate per hour AED 0.50 AED 0.40 You are required to (any 3): i) Calculate material cost variance and show whether it is favourable or unfavourable. ii) Calculate material price variance and show whether it is favourable or unfavourable. iii) Calculate material usage variance and show whether it is favourable or unfavourable. iv) Calculate labour cost variance and show whether it is favourable or unfavourable. v) Calculate labour rate variance and show whether it is favourable or unfavourable.