All Kiwi Ltd (a New Zealand-based company has a wholly owned subsidiary in Malaysia whose manager is being evaluated on the basis of the variance between actual profit and budgeted profit in New Zealand dollars NZD), Relevant information in Malaysian Ringgit (MYR) for the current year is as follows Revenues Expenses Budget MYR 12,000,000 9,000,000 Actual MYR 11,000,000 9,000 Current year actual and projected exchange rates between the New Zealand dollar (NZD) and the Malaysian ringgit (MYR) are as follows: Actual at time of budget preparation Projected ending at time of budget preparation Actual at end of budget period NZD 0.312 per MYR 1 NZD 0.340 per MYR 1 NZD 0.357 per MYR 1 Required Calculate the total budget variance for the current year using the exchange rate that exists at the time the budget is prepared M e Choice O Variance unfavorable (5320,000) Required: Calculate the total budget variance for the current year using the exchange rate that exists at the time the budget is prepared Multiple Choice O Variance unfavorable) ($320,000) Variance favorable) 320.000. Variance unfavorable (5357000) Variance for $340.000