(c) A company manufactures and sells only one product. The monthly budget of costs and revenues is as follows:- BUDGET ACTUAL Sales 10 000 units 50 000 11 000 units 52 000 Direct materials 1200 kg 6 000 1400kg 7 350 Direct labour 4000 hours 16 000 5000 hours 25 000 Fixed overheads 4000 hours 24 000 5000 hours 29 000 46 000 61 350 Profit/ (Loss) for month 4 000 (9 350) The management was surprised at the result and ask for a report that will identify the area which are "out of control". Required:- Calculate both COST and SALES variances that will explain the difference between the budgeted monthly profit of 4 000 and the actual loss of 9 350 in January to enable the managers to take remedial action