2 WhiteBlack & Co operates a variance accounting system, producing a single product. For the month of January 2022, the company plan to produce and sell 10,000 units of a single product which has the following standard production unit cost details:- Direct Material 8.00 meter RM 10.80 per meter Direct Labour 1.25 hours RM 18.00 per hour Variable Overhead 1.25 hours RM 6.00 per hour Fixed Overhead 1.25 hours RM13.60 per hour Currently the standard selling price of the product is RM180 per unit. However, in the last meeting it was discussed that the price needs to be revised. Actual results were as follows: Units produced and sold - Actual total sales - 9,000 RM1,656,000 Materials purchased and used 74,000 meters at a total cost of RM828,800 10,910 hours paid, costs RM205,200 10,800 hours worked. Direct Labour Actual variable overheads - RM 70,000 Actual fixed overheads - RM 168,000 a. Required: Calculate ALL variances and prepare and operating statement for the month ending 31 January 2022. (20 marks) b. According to Curristine et al. (2020), "preparing the fiscal year 2021 budget will be challenging for all countries given the unprecedented uncertainties in the context of the COVID-19 pandemic". Required: In relation to the statement, evaluate the importance of flexible budget in today's business environment. (10mark)