INDIANA CORP. INDIANA Corp. produces a product, cleverly named \"Product X\" for which the following standard costs have been established for the production of ONE unit: Direct materials 6 be. @ $1.25 per lb. Direct labor 35 hours @ $12 per hour At the start of the year, the company did some planning and, based on market conditions and other information available, they forecasted sales of 600 units for the upcoming year. The company also has a Just-ln-Time (JIT) inventory system under which materials are only ordered and units are only produced in response to customer orders. No inventories are kept and, therefore, the number of units produced always equals the number of units sold. As the year unfolded, demand for the Product X was not as strong as originally anticipated and actual production and sales amounted to 500 units. The following actual costs were incurred in connection with the production of the 500 units during the year: Direct materials 2,900 lbs. @ average cost of $1.30 per pound Direct labor 1,500 hours @ average wage rate of $11.50 per hour REQUIRED: For both direct materials AND direct labor, provide a meaningful analysis showing the following: 1. DIRECT MATERIALS a. The amount used as shown on the master planning budget b. The exible budget amount 0. The actual cost incurred 1 m1 1