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Problem 11.38A a-b, d 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 354,000 direct labour hours. In July, 32,450 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 Utilities Maintenance Fixed $389,400 212,400 177,000 106,200 $34,220 16,520 16,402 9,853 Supervision Depreciation Insurance and taxes Total 177,000 113,280 70,800 $1,246,080 14,750 9,440 5,900 $107,085 Prepare a monthly flexible overhead budget for the year ending December 31, 2020, assuming monthly production levels range from 26,550 to 35,400 direct labour hours. Use increments of 2,950 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 O decimal places, e.g. 125.) HIGH ARCTIC MANUFACTURING COMPANY Flexible Monthly Manufacturing Overhead Budget Assembly Department For the Year 2020 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.)