A company produces and sells one product only, the standard cost and price for one unit being as follows: $ Direct mater

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A company produces and sells one product only, the standard cost and price for one unit being as follows:
$
Direct material A – 10 kilograms at $12 per kg 120
Direct material B – 6 kilograms at $5 per kg 30
Direct wages – 5 hours at $8 per hour 40
Variable production overhead 60
Total standard cost 250
Standard gross profit 50
Standard selling price 300
The variable production overhead is incurred in direct proportion to the labour hours worked. Expected monthly output of 750 units. IFG Ltd use an absorption costing system.
During April the actual results were as follows:
$
Sales 700 units @ $320 224,000
Direct materials:
A: 7,500 Kg 91,500
B: 3,500 Kg 20,300
Direct wages 3,400 hours 27,880
Variable production overhead 37,000
176,680
Gross profit 47,320
Required:
Using a flexible budgeting approach, prepare a table showing the original fixed budget, the flexed budget, the actual results and the total meaningful variances.