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Flexible Budgeting and Variance Analysis. I'm Really Cold Coat Company makes women's and men's coats. Both products require filler and lining material. The following planning information has been made avalible: Im Really Cold Coot Company does not expect there to be any begining or ending inventories of filier and lining material, At the end of the budget year, Im Really Cold Coat Company experienced the fellowing actual results: 3 more cheok Uy Wok uses remaing The expected beginning inventory and desired ending inventory were realized. Required: 1. Prepare the following variance analyses for both coats and the total, based on the actual rosults and production levels at the end of the budget year: a. Direct materials price variance, direct materials quantity variance, and total variance. b. Direct labor rate yariance, direct labor time variance, and total variance. Round your answers to two decimal places, if necessary. Enter a favorable variance as a negative number using a minus sign and an unfavorable variance as a positive number. 2. The variance analyses should be based on the armeunts at volumes. The budget must flex with the volume changes. If the volume is different from the plonned volume, as it was in this case, then the budget used for performance evaluation should rellect the change In direct matenals and direct labor that will be required for the production. In this way spending from volume changes can be separated from eficiency and price variances. 3 mone Check My Wok vies remaine