PLEASE ANSWER ASAP

Seminar Problem 1 Turan University's Cost Report revealed significant overruns. Accountants were asked to prepare the variance analysis. Budget vs Actuals monthly cost report is as follows. $ Turan University Cost Report For the Month Ending November 31, 2021 Actual Budget Variance Utilities $ 81,800 $ 72,000 -9,800 Office Supplies 32,890 28,800 -4,090 Catering 63,000 56,000 -7,000 Rent 30,400 30,400 0 Taxes 20,500 20,500 0 Staff salaries 88,700 85,000 -3,700 Management salaries 70,000 72,000 2,000 Water 24,024 16,000 -8,024 Miscellaneous Procurement Maintenance 28,090 24,000 -4,090 Taxi services 10,500 8,500 -2,000 $ 439,404 $ 413,200 $36,704 Turan University observed that water, miscellaneous procurement, staff wages and office supplies costs vary with activities. The other costs are fixed. The budget reflected above was based upon 85% occupancy rate. Big conference which took place in November to attract new students to the university, resulted into a 95% occupancy rate during November. REQUIRED: a) Prepare a flexible budget based upon a 95% occupancy rate, identify if Turan University is being efficiently or inefficiently run. b) Comment on specific costs, note why a flexible budget could improve performance evaluation for Turan