Page 11 of 31 ZOOM + F How SAX Parap w/ Comp G Evalu H The T | The R .| Corp: | The L 3 Quee | Fulld| 2 - Viet | G Evalu G a. Cal * Cour: |> C A library.qol.qub.ac.uk/exampapers/Papers/ACC/ACC2005/ACC2005_2181ES2_1_109.pdf . .. ACC2005_2181ES2_1_109.pdf 3 / 5 100% + ... Question 3 Musictop Limited designs and manufactures violins. The company achieved the following results from its most popular model, the Reno violin, for the year ended 31 December 2018: Actual sales revenue was $423,000 with 1,410 violins sold; Actual cost of material was f183,200 with 7,328 kgs used; . . Actual labour hours were 9,200 hours at an hourly rate of $12.50; Variable overheads were $4 per labour hour; Fixed overheads were $16,000. The original budget for 2018 was as follows: E E Sales (1,500 units) 435,000 Variable costs: Materials (7,500 kgs) 172,500 Labour (9,300 hours) 106,950 Overheads (E4.20 per labour hour) 39.060 (318.510) Contribution 116,490 Fixed overheads (17,500) Budgeted profit 98,990 All violins produced in the year are sold in the year. Requirement (a) Reconcile the budgeted profit and the actual profit for the year ended 31 December 2018 showing all appropriate variances. 14 Marks Activate Windows Go to Settings to activate Windows. (b) For the labour variances, write a brief explanation as to what information they provide for management