7: Accounting for control Q 4. Antonio plc makes Product X, the standard costs of which are: Sales revenue 31 278 Direct labour (1 hour) (11) Direct materials (1 kg) (10) Fixed overheads _(3) Standard profit The budgeted output for March was 1,000 units of Product X; the actual output was 1,100 units, which was sold for E34,950. There were no inventories at the start or end of March. The actual production costs were: [ . Direct labour (1,075 hours) 12,210 Direct materials (1,170 kg) 11,630 Fixed overheads 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