2 (25 marks) - Budgeting Activities Part I Prepare a flexible budget report for 2023 based on the information below. Provide full calculation steps for full mark. (14 marks) Cost Direct materials Budget at 4,000 Units Actual Amounts at 5,000 Units $185,000 Direct labour 226,000 Indirect labour 22,000 Indirect materials 14,000 $188,000 250,000 25,000 16,000 Cost Budget at Variance Flexible Budget Variance Actual at 4,000 units 5,000 units Direct $185,000 $188,000 materials Direct labour 226,000 250,000 Indirect labour 22,000 25,000 Indirect 14,000 16,000 materials total Part II LUX Company makes lamps, for which the following standards have been developed: Standard Inputs Standard Price Direct Costs Expected for Each Unit of Output Expected per Unit of Output $35 per kilogram Direct materials 3 kilograms $16 per hour Direct labour 2 hours During March, production of 210 lamps was expected, but 200 lamps were completed. Direct materials purchased and used were 620 kilograms at an actual price of $36 per kilogram. Direct labour cost for the month was $8,500, and the actual pay per hour was $17. Compute the direct-material price variance for March. (4 marks) b. Compute the direct-material quantity variance for the month of March. (4 marks) c. What is total direct material variance