Required information [The following information applies to the questions displayed below.] The fixed budget for 21,500 units of production shows sales of $580,500; variable costs of $64,500; and fixed costs of $143,000 The company's actual sales were 27,500 units at $701,500. Actual variable costs were $113,600 and actual fixed costs were $135,000. Prepare a flexible budget performance report. Indicate whether each variance is favorable or unfavorable. (Indicate the effect of each variance by seiecting favorable, unfavorable, or no variance.) A company reports the following for one of its products. Direct materials standard ( 2 pounds e $4 per pound) Actual units produced Actual cost of direct materiale used $8perunit120,000units$994,000 Compute the total direct materials variance and identify it as favorable or unfavorable. (Indicate the effect of the variance by selecting favorable, unfavorable, or no variance.)