1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report (3.5pts): YaHo, Inc. reports the following information for May 2020. Sales Variable Costs Fixed Costs (total) Units produced and sold Budgeted $35 per unit Actual $825,600 total $19 per unit $460,800 total $93,750 total 25,000 $94,200 total 24,000 a. b. C. Prepare a flexible budget for May 2020 at the following levels of activity: 22,500 units; 25,000 units; 27,500 units. (1.5pts) Prepare a 'Flexible Budget Performance Report' for May 2020 at the actual level of activity of 24,000 units, showing variances between the flexible budget (@24,000 units) and actual results at 24,000 units. List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U). (1.5pts) Calculate the Sales Price Variance for May 2020. Indicate whether this variance is favorable (F) or unfavorable (U). (0.5pts) 2. Direct Materials (DM) Variances (1.5pts; 0.5pts each variance): Honest Joe, Corp. has set the following standards for direct materials (DM) costs per unit for the good it manufactures: Standard Quantity: 12.50 ounces per unit Standard Price: $7.00 per ounce During the month of August, the firm incurred the following actual DM costs to produce 12,000 units: a. Actual Total Quantity: 147,600 total ounces Actual Total DM Cost: $1,062,720 Calculate the DM cost variance. Indicate whether this variance is favorable (F) or unfavorable (U). b. Calculate the DM price variance. Indicate whether this variance is favorable (F) or unfavorable (U). C. Calculate the DM quantity variance. Indicate whether this variance is favorable (F) or unfavorable (U).