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Question Juno Company sells bottles of hand sanitizer to grocery stores, which have the following budgeted costs per unit: Direct materials 5 30 Direct manufacturing labour 9 Direct marketing labour 15 The president is not pleased with the following performance report: Cost Item Variance Static Budget Actual Results Direct Materials $400,000 $464,000 $64.000 U & 580.000 $78,000 $2,000 F Direct Manufacturing Labour Direct Marketing Labour $120,000 $130,000 $10,000 U Totals $600,000 $672,000 $72.000 U The actual output reflected in the results above was 9.800 hand sanitizer bottles. Assume all three direct cost items are variable costs Required: a. Prepare, in good form, a revised performance report that presents the flexible budget, rather than the static budget. At a minimum, your report shall include the flexible-budget, actual results and flexible budget variances for each cost item and in total (o marks b. Is the president's dissatisfaction justified? Briefly explain. (2 marks)