MTQ 2 ACCA F2 TEST PREP QUESTION Q3

Could you provide me with the solution to these questions please how we get the figures? Prancer Co uses standard costing to control its costs and revenues. A standard cost card for its only product is given below together with a standard cost operating statement for last month. Standard cost card $ per unit Selling price 150 Direct materials 2 kg @ $25/kg 50 Direct labour 3 hours @ $10 per hour 30 Fixed overhead 2 hours at $10 per hour 20 Profit 50 Standard cost operating statement $ $ Budgeted profit 600,000 Sales volume variance 60,000 adv Standard profit on actual sales 540,000 Sales price variance 20,000 fav 560,000 Production cost variances Adverse Favourable $ $ Material price 7,500 Material usage 8,000 Labour rate 2,000 Labour efficiency 500 Fixed overhead expenditure 7,000 Fixed overhead volume 2,000 19,000 8,000 11,000 adv Actual profit 549,000 Select the appropriate words, phrases or numbers to correctly complete the commentary on the last month's results. Prancer Co uses sandard costing. In the last month actual selling price was standard. Actual units sold were budgeted and actual sales revenue was $ Production was than budgeted. Materials caused the biggest cost variances, where a decision to pay standard price resulted in the company using budget.