Mercury Ltd has developed a new product the" Mexta" details of product specifications and the planned level of activity for their first month of production are as follows Planned Production 1,800 Units Planned Sales 1,500 Units Planned Cost per unit Material Type Quantity Price Per Unit H 3 3 E 2 1 Labour Grade Hours Rate per Unit per Hour L 2 6 P 1 7 Variable Overhead 5 Fixed Overhead 8 Planned Profit 20 % on the cost Actual Results of first months trading Actual Production 1,700 Units Type Qty Cost Actual Material H 5,000 13,000 E 3,500 3,500 Grade Hours Cost Actual Labour L 3,400 19,720 P 1,650 11,550 Actual Variable Overhead 9,450 Actual Fixed Overhead 13,800 Sales Revenue from 1,400 Units units was 70,000 You are required to Calculate all relevant variances ( Reconcile Budget and Actual profit for the first month of trading.