5. Performance budget and variance analysis. 25 points. Good Day Company prepared a budget for 2019. At the end of the year, management compared the static budget with the actual results. They are alarmed because they spent so much more than they planned. Here are the figures (costs only): Good Day Company Performance Report Actual Budget 133,500 126,000 Variance Units of production $ 862,800 $ $ 819,000 1,039,500 43,800 U 54,072 U 1,093,572 $ $ $ Manufacturing costs Direct materials Direct labor Overhead Variable OH Indirect labor Supplies Repairs Total variable OH Fixed OH Insurance Rent Depreciation Supervisor salaries Total fixed OH 225,108 66,600 47,952 339,660 204, 120 71,820 41.580 317,520 20,988 U 5.220 F 6.372 U 22.140 U $ $ $ $ 720 U 15,120 43,200 36,000 77,400 171.720 14,400 43,200 36,000 75,600 169,200 -0 1.800 U 2,520 U $ $ $ Total overhead $ 511,380 $ 486,720 $ 24,660 U Total manufacturing costs $ 2,467,752 $ 2,345,220 $ 122.532 U Required: a) Prepare a revised budget report including variances for Good Day Company for 2019. b) Write a paragraph in proper English, explaining to Good Day executives why they should or should not be concerned about the $122,532 excess costs. Be brief. c) Give two possible reasons why actual direct labor dollars would not be equal to the direct labor dollars in the revised budget