Srixon Limited (SL) manufactures one standard product and operates a system of variance accounting using a fixed budget. As an assistant management accountant you are responsible for preparing the monthly operating statements. Data from the budget, the standard product cost and actual data for the month ended 31 October 2018 are given below: Budgeted and standard cost data Budgeted sales and production for the month 10,000 units Standard cost for each unit of product: Direct material X: 10 kg (at RM1 per kg) Y: 5 kg (at RM 5 per kg) Direct labour wages: 5 hours at RM3 per hour Fixed production overhead is absorbed at 200% of direct wages Budgeted sales price has been calculated to give a profit of 20% of sale price. Actual data for the month ended 31 October 2018 Production: 9,500 units produced and sold at a price of 10% higher than the budgeted. Direct material consumed: X: 96,000 kg at RM1.20 per kg Y: 48,000 kg at RM 4.70 per kg Direct wages incurred 46,000 hours at RM4.20 per hour Fixed production overhead incurred RM 290,000 Required: (a) Calculate the standard product cost and selling price. (b) Calculate the total actual prot that the company earned. (c) Compute ALL relevant variances and reconcile the difference between actual and budgeted profit