Frosty's Incorporated ("Frosty") produces one product, the Bonhomme. In 2022, Frosty had budgeted to produce 100,000 units per month. It developed the following standards for production: Direct materials (4.0 kgs @ $45.00 per kg) Direct labour (5 hours @ $25.00 per hour) Variable overhead (4.0 kgs @ $15.00 per kg) Fixed overhead (4.0 kgs @ $18.00 per kg) Standard Cost $180.00 125.00 60.00 72.00 $437.00 Actual results for November 2022 were: Production Direct materials purchased Direct materials used 95,000 Bonhommes 440,000 kg @ $42.50 per kg 389,500 kg Direct manufacturing labour 494,000 hours Direct manufacturing labour cost $11,856,000 Variable manufacturing overhead $6,232,000 Fixed manufacturing overhead $7,000,000 Required: 1. From the information presented above, determine as many flexible budget variances as possible. (16 marks) 2. From your work in part 1, identify two variances for further investigation and explain why you chose them. (4 marks)