5) The Hat Company has been making baseball hats for the past 10 years. For the month of July, the following budgeted and actual amounts for the Company are as follows: 4 Cost Type Budget (2,500 units) Actual Amounts (3,000 units) Direct materials $60,000 $69,000 Direct labour 70,000 84,000 Fixed overhead 40,000 42,500 Prepare a flexible budget for July. List all differences or variances and identify them as either Favourable or Unfavourable. Explain how the company performed against budget.