TBS produces two products in a single factory. The following details have been extracted from the standard marginal cost cards of the two products:

TBS uses a standard marginal costing system linked with budgets.Budgeted data for the month of October included:

Actual data for the month of October was as follows:

Required:a) Calculate the budgeted profit/loss for October.b) Calculate the actual profit/loss for October. c) As a management accountant in TBS you will be attending the monthly management team meeting. In preparation for that meeting you are required to:(i) Prepare a statement that reconciles the budgeted and actual profit/loss for October, showing the variances in as much detail as is possible from the data provided. (ii) State, and then briefly explain, the main issues in your profit reconciliation statement.