LO 1,2 SPREADSHEET East Coast plant: alvariance between actual results and flexible budget: 50 1:Total variance between flexible get and master budget: $752,000F Performance measure Cans processed per hour: 45660 Evaluating Cost Center Performance P2. Metal Products, LLC, manufactures metal beverage containers. The division that manufactures soft-drink beverage cans for the North American market has two plants that operate 24 hours a day, 365 days a year. The plants are evaluated as cost centers. Small tools and supplies are considered variable overhead. Depreciation and rent are considered fixed overhead. For the month, the master budget for a plant and the actual operating results of the two North American plants, East Coast and West Coast, follow. Master Budget East Coast Actual West Coast Actual Center costs: Rolled aluminum ($0.01) Lids ($0.005) Direct labor (50.0025) Small tools and supplies (50.0013) Depreciation and rent Total cost Performance measures: Cans processed per hour Average daily pounds of scrap metal Cans processed in millions) $4,000,000 2,000,000 1,000,000 520,000 480,000 $8,000,000 $3,492.000 1,980,000 864,000 432,000 480,000 $7.248.000 $5,040,000 2,016,000 1,260,000 588,000 480,000 $9,384,000 45,662 41,096 47,945 400 360 420 REQUIRED 1. Prepare a performance report for the East Coast plant. Include a flexible budget and variance analysis. 2. Prepare a performance report for the West Coast plant. Include a flexible budget and variance analysis. 3. ACCOUNTING CONNECTION Compare the two plants, and comment on their per formance. 4. ACCOUNTING CONNECTION Explain why a flexible budget should be prepared