Question 2 (25 marks) - Budgeting Activities Meos Clothing Company produces men's ties since 1995. In order to reasonably plan and closely control their manufacturing costs, they use the budgeting system. The following budgeted and actual amounts are released to top management for 2020 and they asked you, a cost accountant, to prepare a performance budget report so that they can analyze all type of variances including both favourable and unfavourable Cost Budget at 3,000 Units Direct materials Direct labout Equipment depreciation Indirect labour Indirect materials Rent and insurance $75,000 36,000 5,000 3,000 2,000 18,000 Actual Amounts at 3,800 Units $90,000 48,000 5,000 4,000 3,000 19,000 Instructions: a. Prepare a static budget report for Mens Clothing Company for the year