ABC Ltd. operates a standard absorption costing system now, and both variable and fixed overheads are absorbed at a budgeted direct labour hours. The summary production and sales budget of ABC Ltd. with a single product "AB" for Nov. 202x as follows: Production and Sales quantity Sales revenue: Production costs: Direct material --A --B Direct labour Variable production overheads Fixed production overheads Sales revenue: Production costs: Direct material 7,200 kgs 2,400 kgs 4,800 hours --B Direct labour Variable production overheads Fixed production overheads 2,400 units 192,000 During Nov. 202x, the actual production and sales of "AB" was 3,000 units and with sales and cost information as follows: 9,400 kgs 2,900 kgs 5,500 hours 36,000 19,200 33,600 7,200 24,000 234,000 45,000 23,500 39,600 8,800 25,000 Required: a). Extract the standard cost card of product "AB" based on the giving information. b). Prepare a statement that reconciles the budgeted profit with the actual profit for Nov. 202x, showing all individual variances in as much detail as the above data provides. (Note: Fixed production overhead sub-variances of capacity and volume efficiency are required). 15