Eldoret Ltd makes and sells one product, the standard costs and profit per unit are: The monthly production and sales are planned to be 1,200 units. The actual results for May 2020 were as follows: There were no inventories at the start or end of May. As a result of poor sales demand during May due to the COVID-19 pandemic, the business reduced the price of all sales by 10 per cent. Required: a. Prepare the flexed budgets for May 2020 . (5 marks) b. Prepare a statement of reconciliation of the budgeted and actual profits indicating the variances. (15 marks) c. Comment on the variances, speculating on the possible reasons for their occurrence. (10 marks)