Prepare a flexible budget and analyze variances for a manufacturing department.

Budgeted Costs	Actual Costs
Direct Materials	$250,000
Direct Labor	$120,000
Variable Overhead	$40,000
Fixed Overhead	$80,000
Production Output	8,000 units

Requirements:

Develop a flexible budget based on the actual production output.

Calculate the variances (direct materials, direct labor, variable overhead, and fixed overhead).

Analyze the variances and recommend corrective actions.