Spring Ltd. is a textile company that produces T-shirts, and aims at maximizing profit. Its strategy is to produce T-shirts with reasonable prices for medium and low- income customers who currently account for a very large market share. Spring Ltd. follows mass production therefore. Part 1: (5 marks) In June 2021, the budget and performance of Spring are as follows: Budget Actual performance Sales VND 400,000/T-shirt 4,000 T-shirts Selling price Sales volume Fixed overheads Variable costs Raw materials costs VND 390,000/T-shirt 3,400 T-shirts VND145 million VND150 million Direct labour costs 4,000 T-shirts * (1.6m 4.200 T-shirts* (2m of of fabric/T-shirt) * fabric/T-shirt) * (VND50,000/m) (VND46,000/m) 4,000 T-shirts* 4,200 T-shirts* (0.5hours/T-shirt)* (0.6hours/T-shirt)* (VND120,000/hour) (VNDI 10,000/hour) VND 180 million VND210 million Variable overheads Required: i) Calculate the profit variance for Spring in June 2021 ii) Break down the profit variance calculated into different related variances iii) If Spring specifies 10% of budget is a threshold for adverse (unfavorable) variance, specify which variances should be analysed? Provide some possible reasons for such variances Part 2: (5 marks) Based on information above about the business sector and strategy of Spring Ltd., derive measures in Balance Scorecard of the company