Q2. In Tasmania Manufacturing's costing system, both variable and fixed manufacturing overhead are allocated to products based on standard direct manufacturing labour hour S (DLH). The company had the following standards for its manufacturing costs for 202 0: Input Cost per output un it 3.5 kg at $5 per kilogram $17.50 Direct materials Direct manufacturing labour Manufacturing overhead Variable 5.5 hours at $15 per hour $825.00 $6 per DLH $8 per DLH Fixed $33.00 $44.00 $177.00 Standard manufacturing cost per output unit Budgeted annual production for 2020 was 96,000 units. The denominator level for total manufacturing overhead per month in 2020 is 44,000 direct manufacturing labour-hours, and the flexible budget for July 2020 was based on this denominator level. The records for July indicated that the actual production was 7,500 units and shows the following: Direct material purchased 25,000 kg at $5.20 per kg Direct material used 23,500 kg Direct manufacturing labour 40,200 hours at $14.60 per hour Variable manufacturing overhead incurred $250,000 Fixed manufacturing overhead incurred $320,000 Required a. Prepare a performance report showing the Flexible Budget Variances for July 2020