Matoika Marine Inc. has just finished its operations for August, which was a particularly busy month. They processed 24% more product than had been originally planned for the month. A report prepared by Management comparing actual costs to budgeted costs appears below. Matoika Marine Cost Control Report For the Month Ended August 31 Actual 935 Units Produced Variable costs: Marine supplies Emmission tests Other Variable Administrative supplies Total variable cost Budget 550 Variance 385 F $ 9,050 11,430 2,400 $ 8,500 $ 250 U 6,600 4,030 U 1,100 1,300 U 598 330 260 U 23,470 16,830 6,640 U Fixed costs: Staff salaries 18,500 18,500 Equipment depreciation 4,700 3,450 1,250 U Rent 1,850 1,850 Utilities 760 595 Total fixed cost 25,810 Total cost $49,280 24,395 $41,225 165 U 1,415 U $ 8,055 U Required: 1. Prepare a new performance report for August using the flexible budget approach. (Note: Even though some of these costs might be classified as direct costs rather than overhead, the flexible budget approach can still be used to prepare a flexible budget performance report). (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Round "Cost Formula" answers to 2 decimal places) Matoika Marine Flexible Budget Performance Report For The Month Ended August 31 Actual Spending or Badget Variance Flexible Budget Static Budget Variable costs Marine supplies Emmission tests Other variable Expenses Administrative supplies Total variable cost Cost Formula (Per unit) 935 Activity-Level (units)) 935 550 Vanable costs Marine supplies Emmission tests Other variable Expenses Administrative supplies Total variable cost Fixed costs Staff salaries Equipment depreciation Rent Utilities Total fixed cost Total cost Matoika Marine Flexible Budget Performance Report For The Month Ended August 31 Actual Spending or Budget Variance Flexible Budget Static Budget Cost Formula (Per unit) 935 Activity-Level (units) 935 550