Question 2 Hempstead Corporation plans to manufacture 8,000 units over the next month at the following costs: direct materials, $480,000; direct labor, $60,000; variable manufacturing overhead, $150,000; straight-line depreciation, $24,000, and other fixed manufacturing overhead, $272,000. The result is total budgeted cost of $986000. Shortly after the conclusion of the month, Hempstead reported the following costs: Direct materials used Direct labor Variable manufacturing overhead Depreciation Other fixed manufacturing overhead Total $490,500 69,600 132,000 24,000 272,000 $988,100 Howard Krueger and his crews turned out 7,200 unitsa remarkable feat given that the company's manufacturing plant was closed for several days because of blizzards and impassable roads. Krueger was especially pleased with the fact that total actual costs were less than budget. He was thus very surprised when Hempstead's general manager expressed unhappiness about the plant's financial performance. Required: Prepare a performance report that fairly compares budgeted and actual costs for the period just endednamely, the report that the general manager likely used when assessing performance