Melia Ltd has budgeted to manufacture and sell 50,000 units of product M55 for the year ending 31" December. However, due to a shortage of raw material, it was only able to manufacture and sell 45000 units, (a) Complete the following table to show a flexed budget and the resulting variances against this budge for the year. Show the actual amount, for sales revenue and each cost, in the column headed Variances: (5 marks) Units sold Sales revenue Less: costs Direct material and direct labour Variable overheads Fixed overheads Profit from operations Original budget 50,000 ,000 1,200 300 400 350 150 Flexed budget 45,000 ,000 Actual 45,000 ,000 1,050 260 410 330 50 (b) Comment briefly on all possible reasons behind variances? Variances ,000 (5 marks)