Problem #3 Using the data below, prepare a 5-column budget analysis and compute: Static Budget Variance Flexible Budget Variance Sales Volume Variance Selling Price Variance Direct Materials Price and Efficiency Variance Direct Labor Wage and Efficiency Variance Budget 50 units produced and sold for $80/each Direct Materials: 3 feet at $2/foot per unit Direct Labor: 2 hours at $12/hr per unit Variable Overhead: applied at $3 per DL hour Fixed Overhead: $500 Actual Sold 40 units at $100/each Direct Materials: 3.25 feet at $1.80/foot per unit Direct Labor: 2.5 hour at $10/hour VOH: applied at $3 per DL hour Fixed Overhead: $600 Prepare a short summary of variances to deliver to Senior Management. (35 points)