Saved Help Save & Exit Matoika Marine Inc. has just finished its operations for August, which was a particularly busy month. They processed 24% more product than had been originally planned for the month. A report prepared by Management comparing actual costs to budgeted costs appears below. Matoika Marine Cost Control Report For the Month Ended August 31 Actual 850 Units Produced Variable costs: Marine supplies Emmission tests Other Variable Administrative supplies Total variable cost Equipment depreciation Fixed costs: Staff salaries Rent Utilities Total fixed cost Total cost Budget 500 Variance 350 F $ 9,000 11,280 $ 5,200 7,800 $3,800 U 2,240 1,300 3,480 U 940 U 580 300 280 U 23,100 14,600 8,500 U 17,500 17,500 4,600 3,400 1,200 U 1,750 1,750 750 590 160 U 24,600 23,240 1,360 U $47,700 $37,840 $9,860 U 07 The managing director was very unhappy with this report, claiming that his costs were higher than expected. He also pointed out that the additional costs had been fully covered by payments from suppliers. The accountant who prepared the report pointed out that actual costs were a lot higher than promised in the budget. Required: 1. Prepare a new performance report for August using the flexible budget approach. (Note Even though some of these costs might be classified as direct costs rather than overhead, the flexible budget approach can still be used to prepare a flexible budget performance report). (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect (i.e., zero variance). Round "Cost Formula" answers to 2 decimal places) Matoika Marine Flexible Budget Performance Report For The Month Ended August 31 Variable costs Marino supplies Emmission tests Other unriabin Sunonton Actual Spending or Budget Variance Flexible Budget Static Budget Cost Formula (Per unit) Activity-Level (units) 850 850 500 Activate Windows Connect theducation.com/ext/map/index.html? con-con&external browser-0&launchUrl=https%253A%252F%252Flms.mheducation.com%252Fmgh Variable costs Marine supplies Emmission tests Other variable Expenses Administrative supplies Total variable cost Foxed costs Staff salaries Equipment depreciation Runt Usitios Total fixed cost Total cost Osearch 2 Ne F2 W S #3 Saved PlexiDie Bunget reriormance Report For The Month Ended August 31 Actual Cost Formula (Per unit) 850 Help Save & Ex Spending or Budget Variance Flexible Budget Static Budget Activity-Level (units) 850 500 F3 F I % 55 FE 66 DELL E R T Y D 4 B 7 8 C + Activate Windo 10 Setting to ach prt sc Pa FIO home F11 and insert F12 LL F G H J K 2 C O L 3 P +