You are the management accountant of T plc. The following computer printout shows details relating to April 20X8. NOLL Actual Budget Sales volume 4,900 units 5,000 Units Selling price per unit (1 1.00 E10.00 Production volume 5,400 Units 5,000 Units Direct materials Quantity 10,600 kg 10,000 kg Price per kg 60.60 60.50 Direct labour Hours per unit 0.55 0.50 Rate per hour $3.80 $4.00 Fixed overhead Production $10,300 $10,000 Administration $3,100 $3,000 T ple uses a standard absorption costing system. There was no opening or closing work in progress. Requirements (a) Prepare a statement that reconciles the budgeted profit with the actual profit for April 20 X 8, showing individual variances in as much detail as the above data permits. (20 marks) (b) Explain briefly the possible causes of: (i) the material usage variance; (ii) the labour rate variance; (iii) the sales volume profit variance. (6 marks) (c) Explain the meaning and relevance of interdependence of variances when reporting to managers. (4 marks) (Total marks = 30)