Question 7 Vinton Industries uses flexible budget techniques in order to effectively control costs. The data produced for the December quarter before analysis indicates the following: Cost of Production Items Budget Actual Raw material 90,000 110,700 Direct labour 108,000 114,750 Variable factoryoverhead 54,000 57,000 Fixed factory overhead 63,000 63,000 Total $315,000 $345,450 The original budget for the December quarter was planned at a level of 180,000 units of production. The quarter's actual level of production was 195,000 units. Raw material, direct labour and variable manufacturing expense are proportional to the units produced. Required: (a) Complete the flexible budget performance report for December Flexible budget performance report for December: Variance Variance Fav. (F) or Actual Cost Flexible Budget S % Unfav. (U) Raw material 110,700 Direct labour 114,750 Variable factory 57,000 overhead Fixed factory overhead 63,000 Total Cost of Production 345,450