please help me solve problem 4! wverything needed is attached.

Phoenix Company's 2019 master budget included the following fixed budget report. It is based on an expected production and sales volume of 16,000 units. PHOENIX COMPANY Fixed Budget Report For Year Ended December 31, 2019 Sales $ 4,000,000 $1,040,000 160,000 64,000 300,000 198,000 230,000 1,992,000 2,008,000 Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation Plant equipment (straight line) Utilition ($48,000 is variable) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) General and administrative expenses Advertising expense Salaries Entertainment expense Income from operations 80,000 112,000 250,000 442,000 132,000 241,000 90,000 463,000 $ 1,103,000 S 4,813,000 Phoenix Company's actual income statement for 2019 follows. PHOENIX COMPANY Statement of income from Operations For Year Ended December 31, 2019 Sales (19,000 units) Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation Plant equipment straight-line) Utilities (fixed cost is $148,000) Plant management salaries Gross profit Selling expenses Packaging Shipping Sales salary (annual) General and administrative expenses Advertising expenso Salaries Entertainment expense Income from operations $1,252.000 199,000 07.000 300.000 204,000 240.000 2.262.000 2,661,000 93,000 125,500 269.000 487 500 541,000 241.000 93.000 475,000 $ 1588,500 Required: 1. Prepare a flexible budget performance on for 2019 indicate the testach vatanse bylos informeable unfavorable and No variance 03343 Income from operations $ 1,588,500 G Required: 1. Prepare a flexible budget performance report for 2019. (Indicate the effect of each variance by selecting for favorable, unfavorable, and No variance.) PHOENIX COMPANY Flexible Budget Parformance Report For Year Ended December 31, 2019 Flexible Budget Actual Results Variances Fav. V Unfav. $ 4,750,000 $4,813,000 $ 63,000 Favorable Sales Variable costs Direct materials Direct labor Machinery repairs Utilities Packaging Shipping 1,252,000 199,000 67,000 1,235,000 190,000 76,000 57,000 95,000 133,000 17.000 funfavorable 9.000 Unfavorable 9,000 Favorable 1,000 Favorable 2.000 Favorable 7.500 Favorable 56,000 93,000 125,500 1,700,000 2.904,000 1,792.600 3,020,500 0.500Uavorable 56,500 favorable Total variable costs Contribution margin Fixed costs Depreciation Plant equipment (traight-line) Usitis Plant management sans Sales salary Advertising expense Salaries Entertainment expense 300,000 150.000 230,000 250,000 300.000 148.000 240.000 200.000 141,000 241.000 93,000 O No variance 2,000 Favorable 10,000 unfavorable 19,000 Univorable 9,000 Unfavorable 0 No variance 3.000 Unfavorable 132,000 241.000 90.000 Total foxed costs 1,393.000 1,571,000 $ 1,432,000 39,000 (Unfavorable 1,588,500 $ 17.500 Favorable Income from operations S MacBook ApS Overview: The connect assignment provides a Fixed Budget and Actual Income Statement for Phoenix Company's year ending December 31, 2019. Connect asks you to flex the budget and prepare a Budget Performance Report. The Project asks students to determine the DM, DL and VOH standards using the information and then analyze the variances in more detail. The project has student update standards for the next year and create a master budgeted income statement. Use the information for Phoenix Company used in Question 6 of connect assignment HW 5 to complete the requirements of the project. 1) Phoenix Company budget amounts are prepared using standards. Follow the instructions provided in (a) through (e) to complete the Standard Card below. Show 4 decimals for all calculated "aty per unit" and "cost per input" amounts. Cost per Phoenix Company Standard Cost Card - Current Year (2019) Qty per Unit Input Direct materials 4.00 lbs. 16.25 Direct labor .8264 hrs. X 12.10 Variable Overhead .8264 hrs. 6.687 Std. Cost per Unit (a) 65 10 5.526 4) With respect to variable overhead, calculate the following relating to their operating results for the year. a) Remember Phoenix Company applies overhead (variable and fixed) based on direct labor hours. Therefore, the total quantity of input (hours) for variable overhead will equal those of direct labor. Calculate an average variable overhead actual rate as variable overhead expenses divided by direct labor hours (actual). Show 4 decimals. Use this as your actual rate, AR, to calculate spending and efficiency variance below. Note - Remember that AH for variable overhead here will be the same as calculated in 3a. Actual Variable OH Costs AH AR Variable Overhead Variances Flexible Budget AH X SR X Standard Cost (VOH applied SH X SR x Favorable/Unfavorable Variable OH spending variance Variable OH efficiency variance Total variable OH variance b) Give one example of a situation that would result in a FAVORABLE variable overhead rate variance. Explain using 20 to 30 words. c) Give one example of a situation that would result in an UNFAVORABLE variable overhead efficiency variance. Explain using 20 to 30 words