Orchid Ltd is a furniture manufacturer. One of its products

Orchid Ltd is a furniture manufacturer. One of its products, a table, has the following standard costs: £Direct materials (8m @ £3/m) 24.00Direct labour (1 hour @ £25/hr)25.00Fixed overheads 16.00 65.00Selling price 95.00Standard profit margin 30.00The table is made from solid oak and the above materials reflect the size of the table in square metres. The monthly production and sales are planned to be 800 units. The actual results for March were as follows:£Sales revenue 75,330Less Direct materials(19,250)(7,000m)Direct labour(22,100)(850 hours)Fixed overheads (13,000)Operating profit 20,980There was no opening or closing stocks. The company manufactured and sold 810 tables.Required:a) Calculate the flexed and actual budgetb) Calculate the following variances:Sales variances; volume and priceDirect material variances; usage and priceDirect labour variances; efficiency and rateFixed overhead variance; spendingc) Present the above information as a part of a Business Report, providing possible explanations for the variances that you have calculated and suggestions as to how the company might try to improve its cost control.

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