Newly kids Co. has prepared the following standard cost card: Materials 3 kg 4 per kg 12 Labour 5 hrs 4 per hr 20 Fixed Overheads 5 hrs 3 per hr 15 Budgeted selling price, $: 106 Budgeted production 8 300 units Budgeted sales 8 200 units Actual sales 8 250 units Actual production 8 350 units Actual selling price, $: 108 $ Materials 107 354 Labour 162 000 Fixed Overheads 120 500 Required: a. Prepare fixed and flexed budgets for Newly kids Co. (10 marks) b. Prepare an operating statement for the management of Newly kids Co. indicating and discussing the reasons for the variances. (20 marks)