PROBLEM #3 Pomona Sprout Products Inc. produces a number of products, including handmade large fiberglass planters for outdoor displays. The firm, which began operations at the beginning of the current year, uses a standard cost system. Each planter requires 3 pounds of material at $6 per pound, and 2 hours of direct labor at $12 per direct labor hour. Variable overhead is allocated on the basis of direct labor hours at $11 per direct labor hour. Fixed overhead is based on total budgeted fixed overhead costs of $17,000 per month and estimated monthly volume of 3,100 units. For November, the company produced and sold 3,000 units at the following costs below. s 55,430 84,500 56,000 Direct materials (10,000 lbs.) Direct labor (6,500 hrs.) Variable overhead Fixed overhead Total production costs incurred $ 214.430 Required Prepare a flexible budget, and compute flexible budget variances for costs for November. 8 points