Topman ltd is a rubber fabricating company based at North Industrial Area. The company produce metal buckets for the West African market and plans to produce 1,000 units of buckets in the month of January. The bucket requires a single operation and the standard cost for the operation is presented below: Standard cost card (bucket) GHE Direct material (plastics): 10 kg at Gle 0.50 per kg) Direct labour (Shours GH 20 per hours) 100 Variable overheads (3 hours at GH 2 per direct labour) 6 Total standard variable cost 111 Standard contribution margin 29 Standard selling price 140 Budget statement for the month of January GHE GHe Sales (1,000 units of buckets at Glle 140 per unit) 140,000 Direct materials: (10,000 at GH 0.50) 5,000 Direct labour (4,000 hours @GH 20per hour) 80,000 Variable overheads (4,000 hours @Gite 2 per direct hour) 8.000 93,000 Budget contribution 47,000 Fixed overheads 20,000 Budgeted profit 27,000 The annual budgeted fixed overheads is GHC 240,000 and are assume to be incurred evenly throughout the year. Actual results for April are: GHe GHe Sales (800 units of buckets at GHe 150 per unit) 120,000 Direct materials: (9,000kg at Gille 0.60) 5,400 Direct labour (3,500 hours @GHe 18 per hour) 63,000 Variable overheads (3,500 hours @GH 2.50 per direct hour) 8.750 77,150 Contribution 42,850 Fixed overheads Profit 18,000 24,850 The production overheads are charged to production on the basis of direct labour hours. Actual production and sales are 800 units of buckets. You are require to calculate all the standard variances listed above and reconcile the results thereof.