Company A manufactures one product and holds no inventory or work in progress. The company operates a standard costing system and analyses its variances each month. The standard cost card for the product is as follows: STANDARD COST CARD Budgeted output for March was 4,800 units. Actual results for March were as follows: - Production of 4,250 units was sold for $88,400. - Materials consumed in production amounted to 1,912.50 kg at a total cost of $4,685.63. - Labour hours paid for amounted to 11,900 hours at a cost of \$20,825. - Actual operating hours amounted to 11,500. - Variable overheads amounted to $4,781.25 - Fixed overheads amounted to $39,525. Required: Calculate the missing variances in the attached Operating Statement and complete the report. (20 marks) Note: Please show separate workings to confirm the Actual profit derived from the Operating Statement. (5) marks) OPERATING STATEMENT FOR THE MONTH OF nemarn