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Question 4 This question provides evidence for CILO 4) (25 Marks) Your friend Aysha, studying accounts, needs your help to understand budgeting. You are required to show her how to answer the problem below: 4.1 The below table shows the budgeted and the actual amounts for Webb company: Details Budgeted Actual Variance Favourable/Adverse 4.la 4.lb Sales Revenue Direct Material Direct Labour Direct expenses Production overheads Machine running costs Total production costs Gross profit 38500 8000 8510 9000 2629 2200 30339 8161 30000 10240 7100 9000 2692 1800 30832 (832) 4.1a Compute the variance between the actual figures and the budgeted. (4 marks) Note: Show your answer in the table 4.16 Evaluate the implication of budget variances by stating the variances as Favourable (F) or Adverse (A). (4 marks) 4.la Compute the variance between the actual figures and the budgeted. (4 marks) Note: Show your answer in the table 4.1b Evaluate the implication of budget variances by stating the variances as Favourable (F) or Adverse (A). (4 marks) Note: Show your answer in the table 4.2 Discuss the possible reasons for the variances and give suggestions for controlling the adverse variances. (7 marks)