Williams Ltd is a small manufacturing company producing and distributing wooden products for industrial and retail customers. One of Williams products is known as Product A. The standard cost card of Williams Ltd for Product A is shown below. Williams Ltd Standard Cost Card Product A (Currently attainable standards) Description Quantities and prices Unit Direct materials 4.00 litres @ 3.50 per litre 14.50 Direct labour 1.00 hour @ 9.00 per hour 9.00 Fixed overhead 8.00 per unit produced 8.00 Standard total unit cost: 31.00 Standard selling price: 45.00 Standard unit gross profit: 14.00 Other information: The fixed overhead absorption rate is based on a consistent monthly production of 600 units. Actual trading results for July 2021 are: 7 Williams Ltd Actual Trading Results (July 2021) Sales (for 600 units sold) 30,000 Direct materials (for 2,550 kilos consumed) 7,650 Direct labour (900 hours recorded) 6,300 Fixed overhead (600 units produced) 4,200 Cost of sales: (18,150) Gross profit: 11,850 Required: 3. Prepare a detailed analysis of the variances from standard that will reconcile expected (standard) and actual profits for the most recent trading period. (Show all workings) Requirement C.3 = 10 marks