). Budgeted data for the financial year ending 31 December 2019 is given below: Budgeted Data Budgeted Sales and Production Volume 50,000 Standard Selling Price per Unit 40.00 Standard Material Cost per Unit 8.00 Standard Direct Labour Cost per Unit 10.00 Budgeted Annual Fixed Production Overhead 250,000 Budgeted Annual Fixed Selling and Administrative Costs 130,000 At the end of 2019, the actual results for the business was as follows (based on actual production and sales of 48,000 units): Revenue Materials Labour Contribution Annual Fixed Production Overhead Fixed Selling and Administrative Costs Operating Profit 1,776,000.00 360,000.00 384,000.00 1,032,000.00 220,000.00 100,000.00 712,000.00 (a) Produce a fixed (static) Profit &Loss (P&L) budget for the year to December 2019. Highlight contribution as a subtotal within the overall budget. (b) Produce a flexible (flexed) P&L budget in the same format as requirement (a) at the actual sales and production activity level. Highlight the total sales volume variance against the fixed budget, and the individual flexed budgeting (operational) variances against actual results