Chin Inc. has provided you with the following information: Budgeted sales Budgeted selling prices Standard cost of direct materials per unit Standard quantity of direct labour per unita Standard fixed costs ( total) 1500 units $1204 2 meters X $30 per meters = $604 1 hours x $ 25 per hour = - $25 $10,000 Actual sales Actual selling price Actual cost of direct materials per unit Actual quantity of direct labour per unit Standard fixed costs ( total) 1450 units $1204 1.8 meters X $25 per meters = $454 1.25 hours x $20 per hour = $254 $10,000 a) Using the table provided for you, prepare a performance report including a Static budget- Actual results Flexible budget- Volume variance Flexible budget variances . . PERFORMANCE REPORT Actual Static (Master) Flexible Budget Volume Variance Flexible Budget Variance Sales Variable costs Direct materials Direct laboure Total variable costs Fixed costs Net income b) Compute the direct materials price and quantity variances Direct materials price and quantity variances AQx AP AQ X SP SQ X SP I I I I N c) Compute the direct labor rate and efficiency variances Direct labour rate and efficiency variances AQ XAR AQX SR SQ X SR e