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Malindi limited makes a single product, EX. The standard selling price per unit of product EX, together with the standard cost per unit is detailed as below: Shs Selling price 3 200 Cost: Direct material [4 kgs @Shs 200] 800 Direct labour (3 hrs @ Shs 360] 1 080 Variable overheads 300 Fixed overheads 450 2 630 Standard profit 570 The company budgeted to produce and sell 6 000 units of EX in the year to 31 December 2008. Overheads are absorbed on a machine hour basis. It requires 2 machine hours to produce a unit of EX. The budgeted variable overheads amounted to shs 1.8 million, whereas fixed overheads were budgeted at Shs 2.7 million. The company produced and sold 4 800 units of EX. The summarized income statement for the period is given below: Shs 000 Sales 16 800 Costs: Material (21 600 kgs] 4 860 Labour[13 200 hrs] 6 336 Variable overheads 1 440 Fixed overheads 1935 14 571 2 229 There were a total of 9 000 machine hours recorded in the year to 31 December 2008 Required: a) Compute the variable overhead absorption rate per machine hour [2 marks] b) Determine the fixed overhead absorption rate per machine hour [2 marks] c) Determine the budgeted profit and compute the profit variance [3 marks] d) Analyze the profit variance by its components in order to show: i) Material price and usage variance [3 marks] ii) Labour rate and efficiency variance [3 marks] 111) Variable overheads expenditure and efficiency variances [3 marks] iv) Fixed overhead expenditure and volume variances [3 marks] e) Prepare a statement reconciling the actual profits to the budgeted profits [6 marks]