Mateso is a product which is manufactured by a small company in kitwe.From every tone of raw materials consumed, it is estimated that 200 articles will be produced. The standard price of the material is $120 per tonne. During the month of February, 190 tonnes of material were issued to production, the actual price of which was $118.5 per tonne.Actual production during the month was 38,640 articles. To manufacture the product 100 employees are engaged at a standard rate of $3.6 per hour.A forty hour week is in operation and there are four weeks in February. The standard performance is set at 240 articles per hour.During February,91 employees were paid at the standard rate, but 5 employees were paid at $3.65 per hour and 4 employees were paid at $3.55 per hour. The factory stopped production for two hours because of power failure.Budgeted variable production overhead was $3,840.Budgeted production for the year was 480,000 articles. Actual variable production overheads were $3,830. The annual budgeted fixed production were $384,000. There are 50 working weeks in the year. During February the actual amount of fixed overheads incurred was $31,370. Units produced were sold for $150,000 just as budgeted (a)Prepare a standard cost card. (b)Prepare Budgeted income statement. (c) Prepare Income statement based on actual results.