ABC Ltd. is a manufacturer of beach towels. Budgeted Monthly production costs for 2021 are as follows: Direct Materials ("DM"): Direct Labor (DL"); Variable Overhead: Fixed overhead costs: 2 yards per unit @ $3.50 per yard 3 hours per unit @ $20/hour .75 labor hours @ $12.00/hour $1,700.00 Actual production data for November 2021 are as follows: # of Units produced: Actual DM costs: Actual DL costs: Actual Variable Overhead: Actual Fixed Overhead Costs: 3,000 units $4,000.00 $7,500.00 $5,000.00 $2,200.00 Required: 1. Prepare, in proper format, a Performance Report for November 2021 showing actual costs v. Flexible Budget. Identify any Unfavorable/Favorable variances. [4 Marks] 2. Identify one (1) inference that can be drawn from the variances. (1 Mark]