The photocopying department in a community college has budgeted monthly costs at $37,000 per month plus $8 per student. Normally 700 students are enrolled. During January there were 640 students (which is within the relevant range). At the end of the month, actual fixed costs were $40,000, and variable costs were $3,920. Develop a static budget for photocopying costs based on 700 students. Variable Costs $ Fixed Costs Total Costs Calculate the January static budget variance for fixed and variable photocopying costs. Variable Costs Fixed Costs Total Costs Fixed Costs Variance Total Costs Neither Favorable nor Unfavorable Favorable Develop a flexible budget for the actual volume of students in January. Variable Costs $ Unfavorable Develop a flexible budget for the actual volume of students in January. Variable Costs Fixed Costs Total Costs Calculate the January flexible budget variance for fixed and variable photocopying costs. Variable Costs Fixed Costs Total Costs Variance Neither Favorable nor Unfavorable Favorable Unfavorable