8-264-variance analysis, fill in the blanks. Healthy-U Ltd is a pharmaceutical and biotechnology company. It has the following data for manufacturing overhead costs during August 2020: Variable Fixed Actual costs incurred $36,000 $20,000 Costs allocated to products 38,000 16,500 Flexible budget 15,000 Actual input budgeted rate 35,600 Fill in the blanks. Use F for favorable and U for unfavorable: Variable Fixed (1) Spending variance S (2) Efficiency variance (3) Production-volume variance (4) Flexible-budget variance (5) Underallocated (overallocated) manufacturing overhead 10-21 Estimating a cost function using the Account Analysis Approach. Khan Sunil Enterprises, a software engineering firm, uses the account analysis approach to identify the cost behavior of production costs for its premium software. The following details relate to the company's activities for June 2019 in which it produced 350 units. Total Variable Fixed Materials used in production 2270,000 C270,000 10,000 Labor costs 2134.000 2130,000 24,000 Production facility costs 2103,000 2100,000 3.000 Total production cost 2507,000 2500.000 17.000 Required 1. 1.Describe the production cost in the equation form y = a + bx 2. 2.Assume the company intends to produce 400 units next month, calculate the total production costs for the month. 3. 3.Comment on the usefulness of the estimation to management of the company