16. Flexible Budgets and Performance Evaluation (LO2) Presented is the January performance report for the Production Department of Newport Company NEWPORT COMPANY Production Department Performance Report For Month of January Actual 30,000 Variance Budget 28,000 Volume Manufacturing costs Direct materials. ... Direct labor.... Variable overhead. Fixed overhead Total .................... $ 90,000 165,000 62,000 27,000 $344,000 $ 84,000 140,000 56.000 28,000 $308,000 $ 6,000 U 25,000 U 6,000 U 1,000 F $36,000 U Required a. Evaluate the performance report. b. Prepare a more appropriate performance report