A company manufactures tennis rackets and uses a standard costing system. The master budget income statement for April was based on the expectation of producing 20,000 units and selling 16,800 units. The budgeted sales price was $38 per unit, and total budgeted fixed selling and administrative costs were $170,200. There are no variable selling and administrative costs in this firm. Standard manufacturing costs used in determining costs under the master budget are listed below in Exhibit A. Exhibit A* Raw material: Frame: 1.02 frames at $8.00 per frame Stringing materials: 22 feet at $0.13 per foot Direct labor: 0.3 hours at $14.40 per hour Variable overhead Fixed overhead Total standard cost per tennis racket Per Racket $ 8.16 2.86 4.32 3.66 5.00 $24.00 *Standard costs are calculated for a production volume (denominator level of activity) of 25,000 units each month. The company actually sold 24,500 units in April. The accountants determined that the actual profits in April were $162,167. The income statement is provided in Exhibit B.