13.4 Antonio plc makes Product X, the standard costs of which are: Sales revenue Direct labour (2 hour) Direct materials (1 kg) Fixed overheads Standard profit 31 (11) (10) (3) 7 The budgeted output for March was 1,000 units of Product X; the actual output was 1,100 units, which was sold for 34,950. There were no inventories at the start or end of March. The actual production costs were: Direct labour (537.5 hours) 12,210 Direct materials (1,170 kg) Fixed overheads 11,630 3,200 Required: Calculate the variances for March as fully as you are able from the available information and use them to reconcile the budgeted and actual profit figures.