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Question 4 HappyLiving Ltd (HP Ltd) is a manufacturer specialising in producing hand crafted ceramic table lamps for a local market. The process is labour intensive. HP Ltd currently use a standard cost card system. The standard cost card for the first quarter of 2022 is shown below: Budgeted quantity 8,000 Total revenue from sales 1,200,000 Clay (20,000kg @ 1.80 per kg) (36,000) Labour (48,000 hours @ 19 per hour) (912,000) Fixed overheads (160,000) 92,000 Standard profit The actual results relating to the first quarter are disappointing. The profit at the end of the first quarter 2022 was a 68,530 instead of the budgeted profit of 92,000. The actual results showed that 8,500 lamps had been sold with revenue for the period being 1,249,500. To produce this quantity of lamps, 22,100kgs of clay were purchased at a cost of 40,885. The labour cost was 977,585 and workers were paid 18.55 per hour. Actual labour hour per unit was 6.2 hours. The fixed overheads incurred were 162,500. Required: a) Prepare a columnar budget statement showing the original budget, the flexed budget, the actual results, and variances for the first quarter 2022. (6 marks) b) Calculate the following variances: i) Sales price and volume variance ii) Materials price and usage variance iii) Labour rate and efficiency variance iv) Fixed overhead expenditure (8 marks) c) Discuss in detail the importance of budgeting as a technique in management accounting. (6 marks) (Total 20 marks)