Based on the information provided by the company's management, we will calculate the variations in materials, labor and indirect cost. The company uses a standard cost system. Standard prime costs per unit include three units of materials at a standard price of $ 38 and one-half hour of direct labor at the standard rate of $ 20. Information to calculate variations is provided below: Of materials Of labor Indirect cost Budgeted Hours 30,000 Worked hours of labor 19,320 Budgeted production 60,000 Actual production 52,000 Materials purchased at a rate of $ 32.5 per unit $ 640,000 Used materials $ 325,800 Fixed real indirect cost (IC) $ 78,100 Total actual indirect cost (IC) $ 368,200 Budgeted Variable Indirect Cost (IC) $ 290,000 Budgeted Fixed Indirect Cost (IC) $ 80,000 What is the budget variation made of? Define in your words each of its elements.