Bay City Company's fixed budget performance report for July follows The $587,000 budgeted total expenses include $400,000 variable expenses and $187000 fixed expenses. Actual expenses include $177,000 foed expenses Fixed Budget Variances 8.000 Sales (in units) Sales (in dollars) Total expenses Income from operations Actual Results 6,900 3614,100 557,000 $ 57,100 $640,000 587,000 $ 53,000 $25,9000 30,000 $ 4,100 Prepare a flexible budget performance report that shows any variances between budgeted results and actual results List fixed and variable expenses separately. (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance. Do not round your intermediate calculations. Round your final answers to whole dollars.) BAY CITY COMPANY Flexible Budget Performance Report For Month Ended July 31 Flexible budget Actual results Variances Fav/Unf. Reed Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures $45 Direct materials (16 lbs. 33 per lb.) Direct labor (4 hrs. 515 per hr.) During June the company incurred the following actual costs to produce 8,600 units Direct materials (140,500 lbs. $2.70 per 1b.) Direct labor (38,600 hrs. $15.20 per hr:). $379, 350 586,720 AH Actual Hours SH - Standard Hours AR-Actual Rote SR Standard Rate AQ - Actual Quantity SQ-Standard Quantity AP Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct materials price and quantity variances. Indicate whether each variance is favorable or unfavorable. Standard Cost Actual Cost 0 5 0 $ 0 $ 0 0 RO Required 2 > Homework Reed Corp has set the following standard direct materials and direct labor costs per unit for the product it manufactures Direct materials (16 lbs. $3 per lb) Direct labor (4 hrs. $15 per hr.) $45 60 During June the company incurred the following actual costs to produce 8.600 units Direct materials (140,500 lbs. $2.78 per 16.) Direct labor (30,600 hrs. $35.20 per her) $379, 350 586,720 AH - Actual Hours SH Standard Hours AR = Actual Rate SR Standard Rote AQ - Actual Quantity SQ Standard Quantity AP - Actual Price SP Standard Price (1) Compute the direct materials price and quantity variances (Indicate the effect of each variance by selecting for favorable. unfavorable, and no variance.) (2) Compute the direct labor rate variance and the direct labor efficiency variance (Indicate the effect of each variance by selecting for favorable, unfavorable, and no variance.) Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the direct labor rate variance and the direct labor efficiency variance. Indicate whether each variance is favorable or unfavorable Actual Cost Standard Cost 0 5 0 $ 0 5 0