Intermediate-level exercises 13.3 Pilot Ltd makes a standard product, which is budgeted to sell at 5.00 a unit. It is made by taking a budgeted 0.5 kg of material, budgeted to cost 3.00 a kilogram, and having it worked on by hand by an employee, paid a budgeted 20.00 an hour, for a budgeted 127.5minutes. Monthly fixed overheads are budgeted at 6,000. The output for March was budgeted at 5,000 units. The actual results for March were as follows: Sales revenue (5,400 units) 26,460 Materials (2,830 kg) (8,770) Labour (325 hours) (6,885) Fixed overheads (6,350) 4,455 Actual operating profit No inventories existed at the start or end of March. Required: (a) Deduce the budgeted profit for March and reconcile it with the actual profit in as much detail as the information provided will allow. (b) State which manager should be held accountable, in the first instance, for each variance calculated.