Subtitle Subt 1 Normal Title Heading 2 No Spac. Heading 1 Style explanations & reasoning. Make a conclusion for the decision taken. Disclosure of formulas, logic, accuracy and presentation format is considered. Below are the financial data of ADVANCE Machinery company, Units Sales Materials Direct Labor Variable selling costs Fixed factory overheads Administrative overheads Master Budget 750 367 500 97 500 108 750 15 000 90 000 40 000 Actuals 800 372 000 108 000 112 000 24 000 85 000 50 000 Required: 1. (3 points) Perform variance analysis in a proper reporting format, in traditional approach 2. (5 points) Prepare flexible budget and perform variance analysis, 3. (4 points) explain important variances and possible problems if foreseen 4. (5 points) Perform financial position analysis using CVP approach, give recommendations for profitability improvement 5. (3 points) Explain difference between flexible budget and standard costing approach application and its management roles. AG