Gilder Corporation manufactures a single product and operates a standard costing system. You are provided the following data for the month ended 31 October, 2017:

Budgeted and standard cost data:

Budgeted sales and production for the month: 10,000 units

Standard cost for each unit of product:

Direct material: X 10kg at 1 per kg

Y 5 kg at 5 per kg

Direct wages 5 hours at 8 per hour

Budgeted fixed overheads are 300,000

Budgeted sales price has been calculated to give a contribution of 50 per cent of the selling price

Actual data for the month ended 31 October 2017:

Production: 9500 units sold at a price of 160 per unit

Direct materials consumed:

X 96,000 kg at 1.20 per kg

Y 48,000 kg at 4.70 per kg

Actual wages incurred for 46,000 hours at 8.20

Fixed production overhead incurred 290,000

Required:

Using the data above, prepare the operating statement for the month ended 31 October 2017 to show:

a. budgeted profit

b. variances for:

i direct materials price and materials usage

ii labour rate and labour efficiency

iii fixed overhead expenditure

iv sales margin price and sale margin volume

c the actual profit