How did you calculate the variances to get the numbers in the reconciliation?

Question

Britter Ltd produces garden chairs. The budgeted output and sales for January 2018 was 5,000 chairs.

The standard cost is:

Wood 30 sq metres at 4 per sq metre 120.00

Labour 7 hours at 9 per hour 63.00

Variable overheads 7 hours at 5 per hour 35.00

Fixed overheads 7 hours at 10 per hour 70.00

Total production cost 288.00

Standard profit 32.00

Standard selling price 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 (Budget reconciliation actual should equal to this)

Actual production was 5,500 chairs and sales were 5,100 chairs

QUESTION

Prepare a budgeted reconciliation statement for January 2018, which will show the actual profit for the month

Sales	1606500
D Material	595000
D Labour	400000
Variable O/H	174000
Fixed Cost	370000
Profit	67500

Now reconciliation statement:

Standard Profit as per budget(32*5000)		160000
Add: Favourable Differences
Sales Volume	3200
D.material Price variance	85000
Variable OH expenditure	26000	114200
		274200
Less: Unfavourable Variances
Selling Price	25500
D. Material Quantity	68000
D. Labour eff	38700
D Labour Rate	40000
Variable OH Eff.	21500
Fixed Cost	13000	(206700)
Actual Profit		67500