High Arctic Manufacturing Company produces one product, Kebo. Because of wide fluctuations in the demand for Kebo, the assembly department has significant variations in its monthly production levels. The annual master manufacturing overhead budget is based on 282,000 direct labour hours. In July, 25,850 labour hours were worked. The master manufacturing overhead budget for the year and the actual overhead costs incurred in July are as follows: Overhead Costs Master Budget (annual) Actual in July Variable Indirect labour Indirect materials $310,200 169,200 141,000 84,600 $27,260 13,160 13,066 7,849 Utilities Maintenance Fixed 11,750 Supervision Depreciation Insurance and taxes 7,520 141,000 90,240 56,400 $992,640 4,700 Total $85,305 Prepare a monthly flexible overhead budget for the year ending December 31, 2020, assuming monthly production levels range from 21,150 to 28,200 direct labour hours. Use increments of 2,350 direct labour hours. (List variable costs before fixed costs. Round rate per DLH calculations to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.) HIGH ARCTIC MANUFACTURING COMPANY Flexible Monthly Manufacturing Overhead Budget Assembly Department For the Year 2020 HIGH Flexible Activity Level Depreciation Direct Labour Direct Labour Hours Direct Materials Utilities Fixed Costs Indirect Labour Indirect Materials Insurance and Taxes Supervision Total Costs Total Fixed Costs Total Variable Costs Variable Costs Maintenance Prepare a budget performance report for the month of July 2020, comparing actual results with budgeted data, based on the flexible budget. (List variable costs before fixed costs.) HIGH ARCTIC MANUFACTURING COMPANY Assembly Department Manufacturing Overhead Budget Report (Flexible) For the Month Ended July 31, 2020 Favourable Unfavourable Neither Favourable nor Unfavourable Budget Actual Difference State the formula for calculating the total monthly budgeted costs for High Arctic Manufacturing Company. (Round variable cost per unit to 2 decimal places, e.g. 1.25.) Y = Activity Level Depreciation Direct Labour Direct Labour Hours Direct Materials Utilities Fixed Costs Indirect Labour Indirect Materials Insurance and Taxes Supervision Total Costs Total Fixed Costs Total Variable Costs Variable Costs Maintenance