REQUIRED (a) Prepare a flexed budget for the actual level of activity and calculate the following variances for the month of August 2021, indicating clearly whether the variance is favourable (F) or adverse (A). Sales volume contribution and sales price variances; Direct material price and usage variances: Direct labour rate and efficiency variances; Variable production overhead expenditure and Variable production overhead efficiency variances: Fixed production overhead expenditure variance. [14 marks] (b) Critically discuss whether companies such as Solomon Itd should perform detailed investigations in all of their reported variances. (Maximum 600 words)