Midwest Ventilation, Inc., produces industrial ventilation fans. The company plans to manufacture 87,000 fans evenly over the next quarter at the following costs: direct material, $1,740,000, direct labor, $522,000 variable production overhead, $639,450, and fixed production overhead, $960,000. The fixed-overhead amount includes $84,000 of straight-line depreciation and $105,000 of supervisory salaries. Shortly after the conclusion of the quarter's first month, Midwest reported the following costs: Direct material Direct labor Variable production overhead Depreciation Supervisory salaries Other fixed production overhead S 554,600 159,300 220,000 28,000 37,600 252,000 Total $1,251,500 Dave Kellerman and his crews turned out 25,000 fans during the month-rkable feat given that the firm's manufacturing plant was closed for several days because of storm damage and flooding Kellerman was especially pleased with the fact that overall financial performance for the period was favorable when compared with the budget. His pleasure, however, was very short-lived, as Midwest's general manager issued a stern warning that performance must improve, and improve quickly, if Kellerman had any hopes of keeping his job. 3. Prepare a performance report that compares budgeted and actual costs for the period just ended (ie. the report that Kellerman likely used when assessing his performance). (Indicate the effect of each variance by selecting "Favorable" or"Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) Static Budget: 29,000 Units Actual: 25,000 Units Variance Total 4. Prepare a performance report that compares budgeted and actual costs for the period just ended (ie the report that the general manager likely used when assessing Kellerman's performance). (Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "O" for no effect (i.e., zero variance).) Actual: Budget: 25,000 Units 25,000 Units Variance Total