Direct Materials, Motor $60.00 Other Direct Materials $21.00 Direct Labor $20.00 Variable Overhead $80.00 Fixed Overhead $16.40 Unit cost $197.40 Exhibit 2: Income Statement Budget and Actuals GusBus Co. Income Statement For the year ended 12/31/2023 Actual Results Static Budget Units (number of doors) 100,000 250,000 Revenue $29,150,000 $75,000,000 Cost of Goods Sold: Direct Materials, Motors $6,500,000 $15,000,000 Other Direct Materials $2,000,000 $5,250,000 Direct Labor $2,450,000 $5,000,000 Fixed Direct Labor - Bonuses $500,000 -0- Variable Overhead $8,800,000 $20,000,000 Fixed Mfg. Overhead $4,000,000 $4,100,000 Total Cost of Goods Sold $24,250,000 $49,350,000 Gross Profit $4,900,000 $25,650,000 Selling, General and Administrative $17,000,000 $20,000,000 Operating Income ($12,100,000) $5,650,000 Required 1. (16 points) Create a flexible budget for GusBus Co. Then, calculate the firm's sales-activity variances and flexible budget variances for all income statement line items and clearly label each variances as "F" (favorable) or "U" (unfavorable) (a table will be the easiest way to show this)