Problem 11.38A a-b, d High Arctic Manufacturing Company produces one product, Kebo. Because of wide fluctuations in the demand for Kebo, the assembly department has significant variations in its monthly production levels. The annual master manufacturing overhead budget is based on 294,000 direct labour hours. In July, 26,950 labour hours were worked. The master manufacturing overhead budget for the year and the actual overhead costs incurred in July are as follows: Overhead Costs Master Budget (annual) Actual in July Variable Indirect labour $323,400 $28,420 Indirect materials 176,400 13,720 Utilities 147,000 13,622 Maintenance 88,200 8,183 Fixed Supervision 147,000 12,250 Depreciation 94,080 7,840 Insurance and taxes 58,800 4,900 Total $1,034,880 $88,935 Prepare a monthly flexible overhead budget for the year ending December 31, 2020, assuming monthly production levels range from 22,050 to 29,400 direct labour hours. Use increments of 2,450 direct labour hours. (List variable costs before fixed costs. Round rate per DLH calculations to 2 decimal places, e.g. 1.25 and final answers to 0 decimal places, e.g. 125.) HIGH ARCTIC MANUFACTURING COMPANY Flexible Monthly Manufacturing Overhead Budget Assembly Department For the Year 2020 Prepare a budget performance report for the month of July 2020, comparing actual results with budgeted data, based on the flexible budget. (List variable costs before fixed costs.) HIGH ARCTIC MANUFACTURING COMPANY Assembly Department Manufacturing Overhead Budget Report (Flexible) For the Month Ended July 31, 2020 Favourable Unfavourable Neither Favourable nor Unfavourable Budget Difference State the formula for calculating the total monthly budgeted costs for High Arctic Manufacturing Company. (Round variable cost per unit to 2 decimal places, e.g. 1.25.)