Chong Corporation recently prepared a flexible budget for water usage at its manufacturing plant. Budgeted water cost at various projected production levels is as follows: 50,000 units 75,000 units 90,000 units $4,000 6,000 7,200 Actual units produced amounted to 60,000. Actual cost incurred for water usage was $1,500. What was Chong's cost variance for water? Multiple Choice $300 favorable $500 unfavorable $1,500 favorable Actual units produced amounted to 60,000. Actual cost incurred for water usage was $4,500. What was Chong's cost variance for water? Multiple Choice $300 favorable. $500 unfavorable O $1.500 favorable $2,700 favorable O None of the answers is correct