CMA612S-Cost Management... go Question 1 (25 Marks) Chineke Limited has a department which produces plastic clown dolls. It uses a variable costing system and its budgeted and actual results for 2016 were as follows: Production units (No opening inventory) Cost of material (Standard 2 litres per doll) (Purchased 33 600 Litres) Budget Actual 15 000 N$ 16 000 N$ 210 000 252 000 Fixed production overheads 150 000 140 000 Variable production labour (Hours: Budget 15000; Actual 17000) 90 000 119 000 Variable production overheads (note 1) 45 000 68 000 Administration and sales overheads (Budget: 25% fixed) (Actual: 28% fixed) 40 000 50 000 Sales (Budget: 15 000 units)(Actual 14 400 units) 600 000 619 200 ... Note 1: Variable production overheads vary per labour hour, while variable administration and sales overheads vary per sales unit. Required: (a) Calculate detailed standard cost and sales variances for 2016. (b) Calculate the budgeted profit and actual profit (21 marks) (4 marks)