Instructions Prepare a flexible budget report (with variances), assum machine hours during August. eport (with variances), assuming that the company used 31,000 Question 2 Universal Bats, Inc. manufactures aluminum baseball bats that manufactures aluminum baseball bats that it sells to university athletic departments. It has developed the following ner unit standard costs for 2016 for each baseball developed the following per unit standar bat: Manufacturing Direct Labour Direct Materials Overhead Standard Quantity 1/2 hour 1/2 hour 2 kilograms (Aluminum) Standard Price $6.00 $4.00 $10.00 $3.00 Unit Standard Cost $8.00 $5.00 In 2016, the company planned to produce 40,000 baseball bats at a level of 20,000 hours of direct labour. Question 2 Continued Actual results for 2016 are presented below: 1. Direct materials purchased were 82,000 kilograms of aluminum which cost $344,400. 2. Direct materials used were 73,000 kilograms of aluminum. 3. Direct labour costs were $187,200 for 19,500 direct labour hours actually worked. 4. Total manufacturing overhead was $117,000. 5. Actual production was 38,000 baseball bats. Instructions a) Calculate the following variances: Direct materials price. Direct materials quantity. Direct labour price. Direct labour quantity. Total overhead variance. b) Prepare the journal entries to record the transactions and events in 2016. Question 3