Quantitative Analysis Caribiz Ltd uses a standard costing system and the following information relates to production and sales for the product line, Trinky for the month of April:- Budget/Standard Actual Sales 20,000 units 19,000 units Sales price $28.00 $29.00 Materials used 2 kg per unit 41,500 kg Material price per kg $5.00 $5.20 Labour hours 1 hour per unit 19,200 hours Labour rate per hour $10.00 $9.00 Requirement:- (a) Prepare a statement showing the budgeted and actual gross profit for the month of April. (4 Marks) (b) Calculate each of the following variances: (i) Sales price variance (2 Marks) (ii) Sales volume variance (2 Marks) (iii) Materials price variance (2 Marks) (iv) Materials usage variance (2 Marks) (v) Labour rate variance (2 Marks) (vi) Labour efficiency variance (2 Marks) (c) Provide a possible explanation for the material and labour variances reported. (4 Marks) (d) How does a Flexible budget differ from a Static budget and what is the effect on Managements decision making? (5 Marks)