Bryant Company's budgeted prices for direct materials, direct manufacturing labor, and direct marketing (distribution) labor per attach case are $43, $6, and $13, respectively. The president is pleased with the following performance report (Click the icon to view the performance report) Actual output was 10,000 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 for 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 favorable (F) or unfavorable (U) (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) West Output units Direct materials Direct manufacturing labor- Actual Results Flexible-Budget Variance Flexible Budget Sales Volume Variance Static Budget 10000 Direct marketing labori Total direct costs Is the president's pleasure justified? The existing performance report is a Level 1 analysis, based on a static budget. It makes no adjustment for changes in output levels favorable The existing performance report shows a variance shows each direct cost category to have a(n) cost hem than was budgeted, or the use of less costly total direct cost variance of unfavorable variance indicating less direct cost items than was budgeted, or both The flexible-budget efficient use of each direct The revised performance report reveals that this variance is due to the decrease in output units from the amount budgeted The president should analyze the price and efficiency variances for each cost category to assist in identifying the causes