The managers of Garware Company Ltd, which manufactures paints, were disappointed at the shortfall in profits for the current year as shown below: The President of the company asks you to make an...

The managers of Garware Company Ltd, which manufactures paints, were disappointed at the shortfall in profits for the current year as shown below:

The President of the company asks you to make an analysis in detail showing why the results fell short of the budgeted profits. Production equalled sales during the period under reference.