ACC5221 - Performance Management Flexed Budget - BL Question Cute Cupcakes Limited budgeted to sell 15,350 cakes in July 20X8. The budget for the month was; Budget July 20X8 (S) Sales 23,025 Direct materials 2.303 Direct labour 1,842 Variable production overheads 768 Fixed production overheads 461 Variable non production overheads 1,075 Fixed non production overheads 307 Profit 16,269 The company actually sold 17,800 cakes and achieved the following results; Actual Results July 20X8 (S) Sales 23,140 Direct materials 3,560 Direct labour 1,424 Variable production overheads 1,246 Fixed production overheads 461 Variable non production overheads 1,068 Fixed non production overheads 307 Profit 15,074 Required; (i) Prepare a flexed budget and variance report for July 20X8. (ii) Suggest possible reasons for each variance