Budgeting Process and Flexible Budgeting: A manufacturing company uses a flexible budgeting approach for its production department. The budgeted expenses for production costs are as follows:

$50 per unit of direct materials

$30 per unit of direct labor

$20 per unit of variable overhead

$10,000 fixed overhead

If the company produces 1,000 units in the current month, calculate the total budgeted expenses using the flexible budgeting approach and discuss the advantages of this approach for cost management and performance evaluation.