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Bahrain Company's budgeted prices for direct materials, direct manufacturing labor and direct marketing labor per handbag are $38.50,$5.25, and $11.25 respectively. The president of the company is pleased with the following performance report: The actual output was 10.500 handbags. Assume all three direct-cost items shown are variable costs. Required: 1) Prepare a revised performance report that uses a flexible budget and a static budget. (i.e. you need to use a performance report format which would show: Actual results. Flexible-budget variances, Flexible budget, Sales-volume variances and Static budget). 2) Based on your results in requirement (1), is the president's satisfaction with the above-shown performance report justified? Explain