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2. Morrowitz Limited makes a single product in one of its divisions. Below is a statement of the variable cost structure of a single unit. E Raw material 2.70 (The standard cost of raw material is 9 per kg) Direct labour 2.00 (The standard cost of labour is E20 per hour) Variable overhead 1.50 (The standard variable overhead cost is 15 per hour) 6.20 The standard costing system used by the company assumes that the company will make a profit (after fixed costs) of 2.04 per unit by selling 70,000 units for 10.40 each. Variable overhead is charged on the basis of labour hours. The actual profit statement for the sale of 75,000 units was as follows: E Sales 765,000 Raw material 218,550 Direct labour 143,375 Variable overhead 122,450 Variable cost 484,375 Contribution 280.625 The actual profit statement for the sale of 75,000 units was as follows: E Sales 765,000 Raw material 218,550 Direct labour 143,375 Variable overhead 122,450 Variable cost 484.375 Contribution 280,625 Fixed cost 155.000 Profit 125.625 Additional information: The actual material cost is 9.40 per kg. The actual labour cost is 18.50 per hour. Required: Calculate the relevant price and volume variances to form a statement of reconciliation between the standard profit on these sales and the actual profit achieved