1 The Controller of Frank's Filecabinets wishes to review the July 2022 performance report for the manager of the Newburgh profit center. Below is a partially prepared performance report for the Controller. Please fill in the missing dollar figures for the variances and also identify with a "(U)" unfavorable variances and with an"(F)" for favorable variances. (7 points) Sales (units) Unit Cost Master Budget Actual Results 289,670 Variance 305,000 Sales $20.30 $6,191,500 $6,080,400 Direct materials $7.00 $2,135,000 $2,120,100 Direct labor $4.50 $1,372,500 $1,311,300 Variable overhead $6.60 $2,013,000 $2,009,350 Fixed overhead $152,200 $150,500 Total costs $5,672,700 $5,591,250 Net Income (Net Loss) $518,800 $489,150 After filling in all blanks above please comment on (based on dollars) (2 points each): (1) Overall is the manager's performance "positive" or "negative" compared to the Master Budget? (2) What area did Newburgh manager perform best in? (3) What area was weakest for the Newburgh manager? To get a more accurate assessment the Controller of Frank's Filecabinets believes a performance report based on a Flexible Budget would be more useful. He needs your help however. Create a flexible budget below using the information given and identify the amount of the variances as well as identify with a "(U)" unfavorable variances and with an"(F)" for favorable variances. (15 points) Unit Cost Flexible Budget Actual Results 289,670 $6,080,400 $2,120,100 $1,311,300 $2,009,350 $150,500 $5,591,250 Sales (units) Sales $20.30 Direct materials $7.00 Direct labor $4.50 Variable overhead $6.60 Fixed overhead Total costs Net Income (Net Loss) After filling in all blanks above please comment on (based on dollars) (2 points each): (1) Overall is the manager's performance "positive" or "negative" compared to the Flexible Budget? (2) What area did Newburgh manager perform best in? (3) What area was weakest for the Newburgh manager? $489,150 Variance H