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Exercise 6.1 (Solution on page 60) Antonio plc makes product X, the standard costs of which are: 31 Sales revenue Direct labour (2 hours) Direct materials (1 kg) Fixed overheads Standard profit (11) (10) (3) 7 The budgeted output for March was 1.000 units of product X; the actual output was 1.100 units, which was sold for 34.950. There were no inventories at the start or end of March. The actual production costs were: 12.210 Direct labour (2.150 hours) Direct materials (1.170 kg) Fixed overheads 11.630 3.200 Required: Calculate the variances for March as fully as you are able from the available information, and use them to reconcile the budgeted and actual profit figures