Question 4 The Grape Co. Sdn Bhd provides the following information in relation to its two products, cartons of non-alcoholic wine and grape juice, for the past year. The budget selling prices for the product were RM8.50 per carton for the wine and RM6.20 per carton for the grape juice. Expected sales were 91,000 cartons of wine and 48,800 cartons of juice. Budgeted cost of goods sold in each case was 40% of the selling price Actual sales were: Wine: 53,500 cartons @ RM8.50 and 35,000 cartons @ RM7.80 Juice: 50,200 cartons @ RM6.20 Costs of goods sold were: Wine: RM240,680 Juice: RM111,650 Budget and actual period costs were: Sales salaries and commission Advertising Depreciation Office expenses Budget (RM) 136,000 73,000 29,200 190,000 Actual (RM) 133,168 61,520 29,200 195,000 Required: (a) Prepare a performance report for the income statement for the year, showing gross profit, net profit and all variances from budget in Ringgit and percentages. (18 marks) Write a brief report on the observations you can make from the performance report (7 marks) (b) (Total: 25 marks)