MCK Ltd man company sales budget for the current year increased th budgeted cost data for year ufactures a single product and the budgeted output for the year was 5,100 units. The e selling price so as to have margin of 30%. The are as follows:Direct Materials: The material usage budget shows that 2,550 of material would be needed at a total cost of K102,000. Direct labour. The labour hours budget indicates that a total of 10200 hours will be needed. The total cost of these hours will be K204, 000.V 400. ariable overheads were budgeted at K30, 600. Fixed overheads were budgeted at K377, Overheads are absorbed based on the number of labour hours per unit. The actual results for the year were as below Production of 4,850 units Materials consumed in production amounted to 2,300 kilos at a cost of K98,900 Labour hours paid amounted to 8,000 hours at a cost of K162,000 Actual variable overheads amounted to K26,000 Fixed over heads amounted to K423,000 Required (a) From the above information prepare a standard cost card. (5 Marks) (b) Calculate the following variances: 1. Total cost variance 2. Total direct material cost variances 3. Direct material price variance 4. Direct material usage variance 5. Total direct labour cost variance 6. Direct labour rate variance 7. Direct labour efficiency variance 8. Total variable production overhead variance 9. Variable overhead expenditure variance 10. Variable overhead efficiency variance 11. Total fixed overhead variance 12. Fixed production overhead efficiency variance 13. Fixed production overhead capacity variance 14. Sales price variance 15. Sales volume variance (c) Prepare a reconciliation statement