Q.2 Standard costs and Variance analysis Kasule was hired as a budget analyst at a large manufacturing business. His boss has asked that he reviews last year's master budget, actual results, and planned numbers, and calculate the variances for each category. The data table Kasule was given follows: Units Sold Revenues Total Variable Costs Contribution Margin Fixed Costs Operating Income Required: Actual Results $20,000 Standard $24,000 $2.500.000 $2.880.000 $1.900 200 $2.112.000 $599.800 $768.000 $570.000 $552.000 $29.800 $216.000 a) Create a table that shows the variances for each category that indicates whether favorable or unfavorable. (06 marks) b) Explain why there were such variances in each category in (a) above? (07 marks) c) Halifax Company produces several products in its factory, including a karate robe. The company uses a standard cost system to assist in the control of costs. According to the standards that have been set for the robes, the factory should work 780 direct labor-hours each month and produce 1.950 robes. The standard costs associated with this level of production are as follows: