Management at Marvin Limited has provided the following budgeted and actual annual gures for one of its products based on variable costing: Output (production and sales) Budget Actual 18,000 units 20,200 units E Sales revenue 576,000 828,200 Direct materials (27,000 metres) 132,300 (27,270 metres) 136,350 Direct labour (28,800 hours) 273,600 (40,400 hours) 391,880 Variable overheads (28,800 hours) 115,200 (40,400 hours) 193,920 Fixed overheads 8,000 12,150 Required: a) Construct a flexed budget for the actual units made and sold. b) Use your answer to a) above to calculate the sales volume contribution margin variance and interpret this result. c) Calculate the following: i. Sales price variance; ii. Direct materials price and usage variances; iii. Direct labour wage rate and efficiency variances; and iv. Fixed overhead expenditure variance. d) Briey explain how standard costing and variance analysis support budgetary control within an organisation