Please use Excel to undertake and record your relevant calculations for all requirements below.

1. Assume the actual results for each of your products/services were as follows:

The units produced and sold were 10% less than budgeted.

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The quantity of direct materials, labour hours, and overhead activites purchased and used for

units produced were 5% more than budgeted.

The standard price/cost of direct materials, labour, and overheads were 8% more than

budgeted.

Selling price of your product/service was 15% more than budgeted.

Based on the above information, prepare:

a) A static profit and loss statement budget at budgeted sales level for the month for each of

your products/services.

b) A flexible profit and loss statement budget using actual sales level for the month for each of

your products/services.

c) Actual profit and loss statement for the month for each of your products/services.

d) Calculate the significance levels for each of your products/services and classify them as either

favourable or unfavourable and select two of the highest significance levels to perform

variance analysis (one variance analysis for each group member's products/services).