Flexible Budgets and Standard Costs Pacific Company provides the following information about its budgeted and actual results for June 2014. Although the expected June volume was 25,000 units produced and sold the company actually produced and sold 27,000 units as detailed here: Indicates factory overhead item; $ 0.75 per unit or $ 3 per direct labor hour for variable overhead, and $ 0.25 per unit or $ 1 per direct labor hour for fixed overhead. Standard costs based on expected output of 25,000 units 1. Prepare June flexible budgets showing expected sales, costs, and net income assuming 20,000, 25,000, and 30,000 units of output produced and sold. 2. Prepare a flexible budget performance report that compares actual results with the amounts budgeted if the actual volume bad been expected. 3. Apply variance analysis for direct materials and direct labor. 4. Compute the total overhead variance, and the controllable and volume variances. 5. Compute spending and efficiency variances for overhead. 6. Prepare journal entries to record standard costs. and price and quantity variances, for direct materials, direct labor, and factory overhead