Accounting entries for a standard costing system. Tabula Ltd manufactures a range of writing

desks. One type, the Office Standard, has a standard cost of $95$ made up as follows:

$()$

Direct materials $(10$ m$2$ at $3$ per m$2)30$

Direct labour $($five hours at $10$ per hour$)50$

Variable overheads $($five hours at $2$ per hour$)10$

Fixed overheads $($five hours at $1$ per hour$)5$

$95$

The standard selling price of the desk is $120.$ The monthly budget projects production and

sales of $1,000$ units. Actual figures for the month of April are as follows:

Sales $1,200$ units at $122$

Production $1,400$ units

Direct materials $22,000$ m$2$ at $4$ per m$2$

Direct wages $6,800$ hours at $11$

Variable overheads $11,000$

Fixed overheads $6,000$

For the above figures, produce:

$($a$)$ a trading account reconciling actual and budgeted profit and showing all the appropriate

variances;

$($b$)$ ledger accounts in respect of the above transactions