Luxury Food Processing Company prepared the following budgeted amounts for the month of March 2023 based on 5,000 units of production: Variable Cost of Production per unit: Direct materials 3 lbs. @ $2.75 per lb. Direct Labor 2.5 hours @$'l 8.50 per hour Variable Overhead 2.5 hours @ $28.00 per hour Fixed Overhead: Material related $85,000 Depreciation on factory equipment $30,000 At the end of March, 5,500 units were produced with the following actual costs: Direct Materials $50,500 Direct Labor $287,000 Variable Overhead $365,000 Fixed Overhead: Materials related $82,450 Depreciation on factory equipment $30,000 Required: A). Prepare a Static Budget for March 2023. [5 Marks] B). Prepare a Performance Report using the budget and Actual level of production. [7 Marks]