Exercise 2: Pilot Itd makes a standard product, which is budgeted according to the following conditions: Selling price: $5 a unit. Material usage per unit: 0.5 kg of material, costing $3 a kilogram, Labor cost: production time of 15 minutes per unit, costing $5 an hour. Monthly fixed overheads are budgeted at $6,000. The output for March was budgeted at 5,000 units. The actual results for March are as follows: in dollars: Sales revenue (5,400 units) 26,460 Materials (2,830kg) (8,770) Labor cost (1,300 hours) (6,885) Fixed overheads (6,350) Actual operating profit 4,455 Required: Compute the budgeted profit for March and reconcile it with the actual profit with as many variances as the information provided will allow. It is not necessary to detail the variances on fixed overheads