Figure 11-7. Larry Miller, controller for Kipling Company, has been instructed to develop a flexible budget for overhead costs. The company produces two types of frozen desserts: Icey and Tasty. The two desserts use common raw materials in different proportions. The company expects to produce 200,000 gallons of each product during the coming year. Icey requires 0.25 direct labor hour per gallon and Tasty requires 0.30.Larry has developed the following fixed and variable costs for each of the four overhead items $1.20 1.50 4.80 Maintenance Power Indirect labor Rent Problem 11-2 Refer to Figure 11-7. Assume that Kipling actually produced 240,000 gallons of Icey and 200,000 of Tasty. The actual overhead costs incurred were: Maintenance Power Indirect labor Rent $52,000 79,500 54,000 $192,000 181,700 649,500 54,000 Required: Prepare a performance report for the period. If an amount box does not require an entry leave it blank If budget variance amount is unfavorable select "U", if it is favorable select "F" and select "NA", if it is not affected Kipling Company Performance Report Actual Budget Variance Variance (Favorable/Unfavorable) Production costs Maintenance Power Indirect labor Rent Total costs