stio Protas Ltd manufactures product IB2. Each IB2 has a standard cost of 80 made up as follows Direct materials Direct labour Fixed overheads 15 kilos 23 per kilo 5 hours @ 4 per hour 245 20 15 The standard selling price of IB2 is 100. The monthly budget is based on production and sales of 1,000 units Actual figures for the month of April are as follows: Sales Production Direct materials Direct labour ,400 1B2 102 1,400 1B2 22,000 kilos @4 per kilo 6,800 hours 25 There are no inventories of materials at the beginning or end of the period Required Prepare an operating statement showing all appropriate variances on sales price and direct costs. Comment on the possible cause for each variance