CoursHeroTranscribedText: 3. M&M makes Product E, the standard costs of which are: Sales Revenue $40...
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CoursHeroTranscribedText: 3. M&M makes Product E, the standard costs of which are: Sales Revenue $40 Direct labour (1 hour) (13) Direct materials (1 kg) (12) Fixed overheads (5) Standard profit 10 The budgeted output for March 2021 was 1,000 units; however, the actual production was 1,100 units sold for (44,400. There were no inventories at the start or end of March. The actual production costs were: Direct labour (1,075 hours) 14,513 Direct Materials (1, 170 kg) 13,455 Fixed overheads 5,700 Calculate the variance for March from the available information and use them to reconcile the budgeted and actual profit figures? (8 Marks) How will a flexible budget help this company to identify the budget variance? (2 Marks)
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