Using Flexible Budgets The following summary data are from a performance report for Hyland Company for May, during which 28,800 units were produced. The budget reflects the company's normal capacity of 30,000 units, Actual Cost Budget 28,800 30,000 Variances units units $ Type Direct material $184,680 $189,000 $(4,320) Favorable Direct labor 374,220 378,000 (3,780) Favorable Variable overhead 132,840 129,600 3,240 Unfavorable Fixed overhead 97,740 97,200 540 Unfavorable Total $789,480 $793,800 $(4,320) Favorable a. Prepare a new performance report using flexible budgeting. Round all amounts to the nearest dollar. Actual Flexible Variance Costs Budget :15 Type Direct material $ 184,680 V $ 192,375 at $ (7,695) x Favorable 3 at Direct labor 374,220 v 389,813 x (15,593) x Favorable 3 x Variable overhead 132,840 v 138,375 x (5,535) x Favorable 3 x Fixed overhead 97,740 v 101,813 x (4,073) x Favorable x Totals $ 789480 $ 822376 5 32896