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Question No.6 (15 points) The following information had been prepared for XYZ Limited for the year to 31 December 2019. Activity Level Direct Materials Direct Labor Variable Overhead Total Variable Costs Fixed Costs Total Costs Fixed Budget (USS) 100,000 150,000 50,000 300,000 60.000 360,000 Actual Costs (USS) 115,000 185,000 55,000 355,000 65,000 420,000 Complete the following table below assumes that the XYZ Company adapts the flexible budget method based on 120% of its operating activities costs. Indicate whether the variance is a favorable or adverse under each budgeting system (fixed and flexible budget) (2) (3) (5) (6) (7) Variance Favorable Flexible Favorable Activity Level Adverse Adverse Actual USS Direct Materials Direct Labor Variables Overhead Total Variables Costs Fixed Costs Total Costs Flexible Actual Costs Fixed Budget Fixed Budget (120%) Actual USS USS USS USS 100,000 115,000 150,000 185,000 50,000 55,000 300,000 355.000 60,000 65.000 360.000 420,000