Interplast Ghana is a rubber fabricating company based at North Industrial Area. The company produce rubber buckets for the West African market and plans to produce 1,000 units of buckets in the month of January. The bucket requires a single operation and the standard cost for the operation is presented below:

Standard cost card (bucket)	GH
Direct material (plastics): 10 kg at GH 0.50 per kg)	5
Direct labour (5 hours@ GH 20 per hours)	100
Variable overheads (3 hours at GH 2 per direct labour)	6
Total standard variable cost	111
Standard contribution margin	29
Standard selling price	140

Budget statement for the month of January	GH	GH
Sales (1,000 units of buckets at GH 140 per unit)		140,000
Direct materials: (10,000 at GH 0.50)	5,000
Direct labour (4,000 hours @GH 20per hour)	80,000
Variable overheads (4,000 hours @GH 2 per direct hour)	8000
		93,000
Budget contribution		47,000
Fixed overheads		20,000

Budgeted profit 27,000

The annual budgeted fixed overheads is GH 240,000 and are assume to be incurred evenly throughout the year.

Actual results for April are:

	GH	GH
Sales (800 units of buckets at GH 150 per unit)		120,000
Direct materials: (9,000kg at GH 0.60)	5,400
Direct labour (3,500 hours @GH 18 per hour)	63,000
Variable overheads (3,500 hours @GH 2.50 per direct hour)	8,750
		77,150
Contribution		42,850
Fixed overheads		18,000
Profit		24,850

The production overheads are charged to production on the basis of direct labour hours. Actual production and sales are 800 units of buckets.

You are require to calculate all the standard variances listed above and reconcile the results thereof. (10 marks)

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