Which of the following statements about variances is false? None of the above is true. If actual profit is less than budgeted, the result is an unfavorable total profit variance. If actual direct material price is less than budgeted, the result is an unfavorable materials price variance. If actual sales volume is less than budgeted, the result is an unfavorable activity variance. If actual sales price is less than budgeted, the result is an unfavorable revenue variance.

Jaguar has full manufacturing costs of their s-type sedan of £22,803. they sell the s-type in the uk with a 20% margin for a price of £27,363. today these cars are available in the us for $55,000 which is the uk price multiplied by the current exchange rate of $2.01/£. jaguar has committed to keeping the us price at $55,000 for the next six months. if the uk pound appreciates against the usd to an exchange rate of $2.15/£, and jaguar has not hedged against currency changes, what is the amount the company will receive in pounds at the new exchange rate?