Nnamdi Plastics Limited (NPL), located in Onitsha, Anambra State, manufactures plastic buckets for the domestic market. The company recently introduced a standard costing system and has asked you, as a management accountant, to assist with variance analysis and interpretation. The following information relates to the production of one batch of 100 plastic buckets: Standard Cost Card (per batch of 100 buckets): Direct materials: 50 kg of plastic granules at N600 per kg = N30,000 Direct labour: 5 hours at N1,200 per hour = N6,000 Fixed production overhead: 5 hours at N800 per hour = N4,000 Total standard absorption cost per batch: N40,000 Budgeted production for November 2024: 400 batches Actual production for November 2024: 380 batches Actual costs for November 2024: Direct materials purchased and used: 18,500 kg at N650 per kg Direct labour: 1,840 hours at N1,180 per hour Fixed production overhead: N1,700,000 Required: (a) Calculate the following variances for November 2024: (i) Direct materials price variance (ii) Direct materials usage variance (iii) Direct labour rate variance (iv) Direct labour efficiency variance (v) Fixed overhead expenditure variance (vi) Fixed overhead volume variance (vii) Fixed overhead capacity variance (viii)Fixed overhead efficiency variance (15 marks) (b) Explain to the management of Nnamdi Plastics Limited the meaning and possible causes of: (i) The direct materials price variance calculated in (a)(i) above (ii) The fixed overhead volume variance calculated in (a)(vi) above (4 marks) (c) State THREE limitations of standard costing that NPL should be aware of as it implements the system. (6 marks) (Total: 25 marks)