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Below is the flexible budget data for the Mongomery Widget Company, Widget 1A. Below is the Flexible Budget information for Product 1A. Item Cost Formula Indirect Labor $17,000 per year, plus $0.88 per machine hour Indirect Materials $5,000 per year, plus $1.20 per machine hour Factory Utilities $9,200 per year, plus $0.55 per machine hour Factory Depreciation $25,000 per year Required: Prepare a performance report for the year using the format that follows Lone Star Enterprises Performance Report FI U Actual Costs at 8,300 Spending or Budget Variance Flexible Budget Based on Hrs 8,300 7,125 10,345 4,400 21,870 Variable Overhead: Indirect Labor Indirect Materials Factory Utilities Total Variable Costs Fixed Overhead Indirect Labor Indirect Materials Factory Utilities Factory Depreciation 18,000 4,800 9,125 24,500 LOM 56,425 Total Fixed Overhead 78,295 Total Overhead Costs