03. Budgeted information relating to the cost of Product X produced by ABC plc is given: Direct materials: Direct labour Variable production overhead: Budgeted fixed production overhead Budgeted production for Product X: Product X 6 kg at 4 per kg 1 hour at E7 per hour 3 per unit 100,000 20,000 units per month 18,500 units of Product X were produced. 6 were as follows: Actual production costs for month Direct materials purchased and used: 113,500 kg Direct labour: 17,800 hours Variable production overhead incurred Fixed production overhead incurred E442,650 129,940 E58,800 104,000 735,390 Explain what a flexed budget is, and prepare a columnar statement showing by element of cost: I original budget flexed budget actual budget Ill