Flexible Budget ? n. Units Produced (in units) Materials used (kg) Material cost ($) Direct Labour (hours) Direct Labour ($) Variable Overhead ($) Fixed Overhead ($) Original Budget 10,000 400 8,000 35,000 385,000 350,000 160,000 Actual 12,000 700 See purchases 46,102 507,080 419,161 161,000 ? ? ? n. ? Other Information Overhead is Allocated on Direct Labour Hours During the year, 800 kg of materials were purchased for $5,000 Beginning Inventory: none Ending Inventory: 100kg Required: Calculate the flexible budget amounts for all items. Calculate the following variances A. Material Rate B. Material Efficiency C. Labour Price D. Labour Efficiency E. Variable Overhaed Rate F. Variable Overhead Efficiency G. Fixed Overhead Rate H. Fixed Overhead Production Volume 1. Assume that the Material, Labour and Variable Overhead variances are inter-related. What is the most likely single cause of these variances. Briefly explain your