Question 7 GH manufactures a product using skilled labour and high-quality materials. The company operates a standard costing system and a just-in- time (JIT) purchasing and production system. The standard selling price and variable costs for one unit of the product are as follows: Selling price #136 Materials (2 kg @ #10 per kg) #20 Labour (3 hours @ #24 per hour) #72 The budgeted sales for October were 38,000 units. Actual results for October were as follows: Production and sales 36,000units Selling price #134 per unit Materials 76,000 kg costing #754,000 Labour 114,000 hours paid costing #2,656,000 Required: (a) Prepare a statement that reconciles the budgeted contribution with the actualcontribution for October. Your statement should show thevariances in as muchdetail as possible. (10 Marks)