2 The information below is available for Schmidt Limited for 20X8: Fixed (static) budget Direct material Indirect material Direct labour Indirect labour Depreciation (fixed) Property taxes Electricity Production overheads 1 000 units R15 000 R4 500 R40 000 R12 000 R8 200 R750 R9 500 R5 650 R95 600 The following actual costs were incurred at 1 200 units of production: Direct material Indirect material Direct labour Indirect labour Depreciation (fixed) Property taxes Electricity Production overheads 1 200 units R21 300 R5 600 R53 750 R15 200 R8 200 R820 R11 200 R7 400 R123 470 [25] All costs excluding depreciation and propoerty taxes are variable in nature. (a) Prepare a flexible budget at 1 200 units. (b) Determine the total variance at 1 200 units of actual production and comment on your findings