Assignment BA 381 - Advanced Cost Accounting Variance Analysis LEGO manufactures, popular Pull Back Toy Girls and Boys Engineering and the entire product is sold as soon as it is produced. There are no opening or closing inventories and work in progress is negligible. The company operates a standard costing system and analysis of variances is made every month. The :standard cost card for the product, a boomerang, is as follows $ STANDARD COST CARD - Pull Back Toy Direct material 1 kg @ $2 per kg 2.00 Direct wages 2 hours @ $2 per hour 4.00 Variable overhead 2 hours @ $0.30 per hour 0.60 Fixed overhead 2 hours @ $3.70 per hour 7.40 Standard cost 14.00 Standard profit 6.00 Standard selling price 20.00 Budgeted output for the month of December 2019 was 5,000 units :Actual results for December 2019 were as follows Production and sales 4,850 units $99,425 Sales revenue Materials consumed in production amounted to 4,600 kgs at a total cost of $10,120 Labour hours paid amounted to 7,275 hours at a cost of $14,550 Variable overhead amounted to $2,600 Fixed overhead amounted to $42,000 :Required A. Calculate all the variances and prepare an operating statement for the month ended 31 December 2019. 10 marks