YOUR TASK After considering carefully all the information above you (as assistant to Grace Miller) are going to prepare a report to be presented in a meeting to Grace, Jackson Pham, Michelle Lee and Janek Sidhu. Within the report you need to address the following. 1.Outline and explain the purpose and potential benefits of standard cost systems and variance analysis. (To gain marks your discussion must not simply be a restatement of the Horngren text). 2.Using the information in the case, (a)Prepare a flexible budget for Cool Ride Skis Ltd for the year ended 31 December 2015. (b)For each product (skis and snowboards) prepare a complete analysis of the variance between budgeted profit and actual profit, contained in Exhibits 1 and 2. In your analysis include the following variances: Sales volume variance (calculate individually for each product) Sales mix variance (calculate individually for each product) Sales quantity variance (calculate individually for each product) Market size and market share variances (calculate individually for each product) Selling price variance