Exercise 15-11 (Static) Performance reporting and flexible budgeting LO 15-4, 15-5 Following is a partially completed performance report for a recent week for direct labor in the binding department of a book publisher: Direct labor Original Budget Flexed Budget $ 2400 Actual $ 2378 Budget Variance The original budget is based on the expectation that 4,000 books would be bound; the standard is 25 books per hour at a pay rate of $15 per hour. During the week, 3,800 books were actually bound. Employees worked 164 hours at an actual total cost of $2,378. Required: a. Calculate the flexed budget amount against which actual performance should be evaluated and then calculate the budget variance. b. Calculate the direct labor efficiency variance in terms of hours. c. Calculate the direct labor rate variance. Note: Do not round intermediate calculations. Note: For all requirements, indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). a. Flexed budget a. Budget variance b. Direct labor efficiency variance c. Direct labor rate variance U hours U