Exercise 23-04 a-b (Video) Concord Company uses a flexible budget for manufacturing overhead based on direct labor hours. Variable manufacturing overhead costs per direct labor hour are as follows. Indirect labor Indirect materials $1.10 0.60 0.40 Utilities Fixed overhead costs per month are Supervision $4,400, Depreciation $1,600, and Property Taxes $900. The company believes it will normally operate in a range of 6,500-11,300 direct labor hours per month. Assume that in July 2020, Concord Company incurs the following manufacturing overhead costs. Variable Costs Indirect labor Indirect materials $10,430 5,680 3,460 Fixed Costs Supervision Depreciation Property taxes $4,400 1,600 900 Utilities (a) Prepare a flexible budget performance report, assuming that the company worked 9,700 direct labor hours during the month. (List variable costs before fixed costs.) CONCORD COMPANY Manufacturing Overhead Flexible Budget Report For the Month Ended July 31, 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Budget Actual Costs (b) Prepare a exible budget performance report, assuming that the company worked 9,100 direct labor hours during the month. (List variable costs before fixed costs.) CONCORD COMPANY Manufacturing Overhead Pleadible Budget Report For the Month Ended July 31, 2020 Difference Favorable Unfavorable Neither Favorable nor Unfavorable Budget Actual Costs