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Required information [The following information applies to the questions displayed below.] The fixed budget for 22,000 units of production shows sales of $594,000; variable costs of $66,000; and fixed costs of $144,000 If the company actually produces and sells 26,400 units, calculate the flexible budget income. Required information [The following information applies to the questions displayed below.] The fixed budget for 22,000 units of production shows sales of $594,000; variable costs of $66,000; and fixed costs of $144,000. The company's actual sales were 26,400 units at $664,800. Actual variable costs were $113,000 and actual fixed costs were $136,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by selecting favorable, unfavorable, or no variance.) Lucia Company has set the following standard cost per unit for direct materials and direct labor. Direct materials (14 pounds a $5 per pound) $70 Direct labor ( 3 hours a $16 per hour) 48 During May the company incurred the following actual costs to produce 8,800 units. AR= Actual Rate SR= Standard Rate AQ= Actual Quantity SQ= Standard Quantity AP= Actual Price SP= Standard Price (1) Compute the direct materials price and quantity variances. (2) Compute the direct labor rate variance and the direct labor efficiency variance. Complete this question by entering your answers in the tabs below. Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favor Compute the direct materials price and quantity variances. (Indicate the effect of each variance by selecting favorable. unfavorable, or no variance. Round "Rate per hour" answers to 2 decimal places.)