The standard cost per unit of one of The Gift Label's products is provided below: Material 5kg @ 2/kg Labor 1 hour @ 15/hr Variable overheads 1 hour @ 8/hr () 10.00 15.00 8.00 33.00 Budgeted production and sales for February are 2,000 units selling for 70 each. Annual budgeted fixed overheads are 336,000 incurred evenly each month. Actual results for February are as follows: 2,100 units were made and sold at a price that was 10% less than the budget. The cost of material was 22,680 and there was a favourable usage variance of 0.5kg per unit because better quality material was used. Labor worked 2,058 hours and labor rate increased to 16 beginning February. Variable and fixed overheads were 15,435 and 24,300 respectively. Complete the table below to generate the opening statement for February: Make one entry (favourable or adverse) for each variance and enter a zero or dash in the other column. Enter the net total of favourable variance (positive number) or adverse variance (negative number) in the final column. Favourable Adverse f f f Budgeted contribution Sales volume variance Sales price variance Variable cost variances Materials price Materials usage Labor rate Labor efficicency Variable overhead expenditure Variable overhead efficiency Total variable cost variances Fixed overhead budgeted Fixed overhead expenditure variance Actual profit