Beetle Ltd has the following standard cost card for producing 1 unit of its only product Direct materials Direct labour Fixed overheads 6kg at 24/kg 8hrs at 13/hr f 144 104 40 Total standard cost 288 The standard selling price is 350 per unit. The actual results recorded for May were as follows: Units produced and sold Actual 1,200 412,800 Sales Direct materials Direct labour Fixed overheads 7,400kg 9,700hrs 166,500 121,250 58,200 Profit 66,850 The budgeted sales volume for May was 1,100 units Required (a) Prepare the original budget and a budget flexed to the actual volume. Use these and other calculated relevant variances to prepare a statement that reconciles the budgeted to the actual profit for May in as much detail as the information will allow (you should state clearly whether the variances are adverse or favourable)