Magic Ltd is a company producing essential components for the mobile phone industry. The company's main product is called Leba which is distributed to mobile phone manufacturers all over the world. The company is using a standard costing system for planning and control purposes. The standard cost per unit and budget information for Leba are provided below: Direct material Direct labour Variable overhead 6 kgs @ $5 per kg 2 hrs @ $12 per hr 2 hrs @ $14 per hr $30 $24 $28 Fixed overhead 2 hrs @ $7 per hr $14 Standard production costs per unit $96 Budgeted production for last month (units) 10,000 Budgeted sales price per unit $150 $140,000 Budgeted fixed overhead per month At the end of last month, the following actual production and sales data were recorded in the accounting system: Units produced and sold 9,500 Sales revenues $1,472,500 Direct material $293,607 (57,570 kgs) Direct labour $ 237,006 (18,810 hrs) Variable overhead $ 281,960 Fixed overhead $ 138,200