Simpson Manufacturing has the following standard cost sheet based on a budgeted volume of 350 units.

		Total
Direct materials	5 pounds at $2 per pound	$10
Direct labor	2 hours at $25 per hour	50
Variable factory overhead	2 hours at $5 per hour	10
Fixed factory overhead	2 hours at $20 per hour	40
Cost per unit		$110

The company uses a standard cost system and applies factory overhead based on direct labor hours. Simpson has the following actual operating results for the year just completed: Units manufactured 360 Direct materials purchased and used 1,872 pounds $20,592 Direct labor incurred 750 hours 20,250 Variable factory overhead incurred 4,800 Fixed factory overhead incurred 15,800 PREPARE THE FIVE COLUMN FLEXIBLE BUDGET REPORT. PREPARE THE VARIANCE ANALYSIS FOR DIRECT MATERIAL, DIRECT LABOR, VARIABLE AND FIXED MANUFACTURING OVERHEAD.