Homework 11 Exercise 15-11 (Static) Performance reporting and flexible budgeting LO 4,5 Following is a partially completed performance report for a recent week for direct labor in the binding department of a book publisher points Original Budget $ 1.800 Flexed Budget Budget Variance Direct labor Actual $1,388 The original budget is based on the expectation that 3.000 books would be bound, the standard is 20 books per hour at a pay rate of $12 per hour. During the week, 2.860 books were actually bound. Employees worked 160 hours at an actual total cost of $1,888 Required: a. Calculate the flexed budget amount against which actual performance should be evaluated and then calculate the budget variance (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (ie, zero variance).) b. Calculate the direct labor efficiency variance in terms of hours. (Indicate the effect of each variance by selecting for favorable "U" for unfavorable, and "None" for no effectie, zero variancel.) c. Calculate the direct labor rate variance. (Do not round intermediate calculations. Indicate the effect of each variance by selecting for favorable, "U" for unfavorable, and "None" for no effectie, zero variance) a Flexed budget Budget variance b Direct labor efficiency variance c Direct labor rate variance U hours