Produce reconciliation of budget and actual operating profit

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Reference no: EM131437003

Question: The following are the budgeted and actual income statements for Baxter Ltd for the month of July:

Budget Actual

Output 1,000 units 1,050 units

(Production and sales)

£ £

Sales revenue 100,000 104,300

Raw materials (40,000) (40,000 meters) (41,200) (40,500 meters)

Labour (20,000) (2,500 hours) (21,300) (2,600 hours)

Fixed overheads (20,000) (19,400)

Operating profit 20,000 22,400

Produce a reconciliation of the budgeted and actual operating profit, going into as much detail as possible with the variance analysis.

Reference no: EM131437003

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