Answer parts a and b. Show work

Question The directors of OFL is embarking on an expansion plan, and have obtained the following information relating to its existing XLB product line: 2020 Actual Xiao Long Bao Shop House Supermarket Total Average quantity (servings) Number of days Selling price per serving* Direct materials per jar ($) 1,100 310 5.00 1.90 640 310 5.00 1.90 1,740 310 5.00 1.90 $ $ $ 1,705,000 992,000 2,697,000 Revenue ($) Less: Direct materials ($) Direct labour ($) Contribution margin 647,900 36,256 1,020,844 376,960 21,094 593,946 1,024,860 57,350 1,614,790 2020 Master Budget Xiao Long Bao Direct Total direct No. of servings Selling price (s) materials per material cost per serving Revenue serving (S) ($) sold Shop House Supermarket Total 393,700 179,800 573,500 $ 5.00 2,867,500 1.74 997,890 Each serving consists of six xiao long bao and the number of servings sold is based on a 310-day year. Materials Flour Eggs and others Meat Vegetables Others Total 2020 Master Budget Xiao long Bao Average weight Total weight per cost per cost per day Cost per year per XLB (grams) day (kilograms) kilogram ($) ($) (310 days) (S) 11.1 22.20 6,882.00 11.1 33.30 10,323.00 66.6 1.465.20 454,212.00 66.6 499.50 154,845.00 99.9 1,198.80 371,628.00 3,219.00 997,890.00 Other information based on actual purchases and consumption in 2020 is as follows: Purchased and consumed a total of $490.460 of meat in the year at an average price of $25.00 per kilogram. Variances are given below, where F= favourable and U= unfavourable Xiao Long Bao Actual Expenses Variances Raw materials (excluding meat) 534,399.55 42,133.50 U (19,085.15) F 23,048.35 U (32,326.80) F (9,278.45) F Price Usage Total Flexible Activity Static Direct labour 57,350.00 - - 3,410.00 U 3,410.00 U (3,410.00) F - - Rate Efficiency Total Flexible Activity Static Required: (a) Compute the relevant flexible and static variances for giao long bao sales and meat used in production. Your answer should include details of shop house and supermarket sales variances for xiag long bao. Provide your answers to two decimal places. (6) Prepare a flexible budget performance report (from revenue to gross profit) for the sia long bao product line in 2020. Present your report to the nearest dollar. Question The directors of OFL is embarking on an expansion plan, and have obtained the following information relating to its existing XLB product line: 2020 Actual Xiao Long Bao Shop House Supermarket Total Average quantity (servings) Number of days Selling price per serving* Direct materials per jar ($) 1,100 310 5.00 1.90 640 310 5.00 1.90 1,740 310 5.00 1.90 $ $ $ 1,705,000 992,000 2,697,000 Revenue ($) Less: Direct materials ($) Direct labour ($) Contribution margin 647,900 36,256 1,020,844 376,960 21,094 593,946 1,024,860 57,350 1,614,790 2020 Master Budget Xiao Long Bao Direct Total direct No. of servings Selling price (s) materials per material cost per serving Revenue serving (S) ($) sold Shop House Supermarket Total 393,700 179,800 573,500 $ 5.00 2,867,500 1.74 997,890 Each serving consists of six xiao long bao and the number of servings sold is based on a 310-day year. Materials Flour Eggs and others Meat Vegetables Others Total 2020 Master Budget Xiao long Bao Average weight Total weight per cost per cost per day Cost per year per XLB (grams) day (kilograms) kilogram ($) ($) (310 days) (S) 11.1 22.20 6,882.00 11.1 33.30 10,323.00 66.6 1.465.20 454,212.00 66.6 499.50 154,845.00 99.9 1,198.80 371,628.00 3,219.00 997,890.00 Other information based on actual purchases and consumption in 2020 is as follows: Purchased and consumed a total of $490.460 of meat in the year at an average price of $25.00 per kilogram. Variances are given below, where F= favourable and U= unfavourable Xiao Long Bao Actual Expenses Variances Raw materials (excluding meat) 534,399.55 42,133.50 U (19,085.15) F 23,048.35 U (32,326.80) F (9,278.45) F Price Usage Total Flexible Activity Static Direct labour 57,350.00 - - 3,410.00 U 3,410.00 U (3,410.00) F - - Rate Efficiency Total Flexible Activity Static Required: (a) Compute the relevant flexible and static variances for giao long bao sales and meat used in production. Your answer should include details of shop house and supermarket sales variances for xiag long bao. Provide your answers to two decimal places. (6) Prepare a flexible budget performance report (from revenue to gross profit) for the sia long bao product line in 2020. Present your report to the nearest dollar