Complete a flexible budget and flexible budget performance report for the month. Compute flexible variances as absolute numbers (i.e., insert as positive numbers) and for each variance indicate if it is favourable (F) or unfavourable (U). (1/2 mark each - 15 marks total) Flexible Budget Performance Report For the month ended June 30 Actual Flexible Budget Flexible Budget Result Variances Sales $580,937 Number Number of ou Less: Variable expenses Direct materials 116,636 Number Number OF OU Direct labour 127,851 Number Number Variable manufacturing overhead 24,673 Number Number OF Selling and administrative 22,430 Number Number OF Total variable expenses 291,590 Number Number OF OU Contribution margin 289,347 Number Number OF Less: Fixed expenses Manufacturing overhead 36,451 39,000 Number OF OU Selling and administrative costs 20,643 20,300 Number OF Total fixed expenses 57,094 59,300 Number OF Ou Operating income (loss) $232,253 Number Number OF OU A company manufactures and sells office chairs out of Mississauga, Ontario. They have provided the actual and static budget information for the month of June below: June June Actual Result Static Budget Chair unit sales 4,486 4,220 Per unit metrics Selling price $129.50 $105.00 Direct materials $26.00 Direct labour $28.50 $21.50 Variable manufacturing overhead $5.50 $6.50 Variable selling and administrative costs $5.00 Fixed costs per period Fixed manufacturing overhead $36,451 $39,000 Fixed selling and administrative costs $20,643 $20,300 $27.00 $6.00 Part A: Static Budget Performance Report Complete a static budget performance report for the month. Compute static variances as absolute numbers (ie., insert as positive numbers) and for each variance indicate if it is favourable (F) or unfavourable (U). (1/2 mark each - 11 marks total) Static Budget Performance Report For the month ended June 30 Actual Static Static Budget Result Budget Variances Sales $580,937 $443,100 Number OF OU Less: Variable expenses Direct materials 116,636 113,940 Number OF OU Direct labour 127,851 90,730 Number of ou Variable manufacturing overhead 24,673 27,430 Number OF OU Selling and administrative 22,430 25,320 Number OF Total variable expenses 291,590 257,420 Number OF OU Contribution margin 289,347 185,680 Number OF OU Less: Fixed expenses Manufacturing overhead 36,451 39,000 OF OU Number Selling and administrative costs 20,643 20,300 Number of ou Total fixed expenses 57,094 59,300 Number OF OU