Bennett Company's budgeted prices for direct materials, direct manufacturing labour, and direct marketing (distribution) labour per attach case are $39, $6, and $15, respectively. The president is pleased with the following performance report: Actual Costs Static Budget Variance Direct materials Direct manufacturing labour Direct marketing (distribution) labour $ 375,500 $ 60,200 145,500 409,500 $ 34,000 F 63,000 2,800 F 157,500 12,000 F Actual output was 9,300 attach cases. Assume all three direct-cost items above are variable costs. Requirement Is the president's pleasure justified? Prepare a revised performance report that uses a flexible budget and a static budget. Prepare a revised performance report that uses a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favourable or unfavourable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Results Flexible-Budget Variance Flexible Budget Sales-Volume Variance Static Budget Output units Direct materials Direct manufacturing labour Direct marketing labour Total direct costs