During the 2020 year, Breto Ltd sold two products. The budgeted and actual details are as follows:

Details	Actual 2020	Budget 2020
Sales of product A	1,400 units at $60 each	1,400 units at $66 each
Product cost of A	1,400 units at $36 each	1,400 units at $40 each
Sales of product B	400 units at $160 each	500 units at $150 each
Product cost of B	400 units at $80 each	500 units at $84 each

You are required to:

(i) Prepare a profit & loss statement showing budget, actual and variance figures in order to do a sales and gross profit analysis

(ii) Calculate the sales mix or volume variance

(iii) Calculate the price variance

(iv) Calculate the cost variance

(v) Reconcile the total gross profit variance

(vi) Give a summary of the above results, reasons for unfavourable variances and recommendations for correction.