A company has recorded the following variances for a period:

Sales volume variance .................................. $10,000 adverse
Sales price variance ...................................... $5,000 favourable
Total cost variance ........................................ $12,000 adverse

Standard profit on actual sales for the period was $120,000.
What was the fixed budget profit for the period?
(a) $137,000
(b) $110,000
(c) $130,000
(d) $103,000