Haigh Ltd produces garden chairs. The budgeted output and sales for the month of April 202 was 5,000 chairs. The standard cost is: Wood Labour Variable overheads Fixed overheads Total production cost Standard profit Standard selling price 30 sq metres at 4 per sq metre 7 hours at 9 per hour 7 hours at 5 per hour 7 hours at 10 per hour 120.00 63.00 35.00 70.00 288.00 32.00 320.00 The actual results were: Wood 170,000 sq metres at 3.50 per sq metre Labour 40,000 hours at 10 per hour Variable overheads 174,000 Fixed overheads 370,000 Sales revenue 1,606,500 Actual production was 5,500 chairs and sales were 5,100 chairs. a. Prepare a budgeted reconciliation statement for April 2020, which will show the actual profit for the month. (35 marks) b. Identify the four different types of standards which could be used and the effects the choice of standard would have on the variances calculated (10 marks)