Styles Limo Company uses budgets in controlling costs. The March 2020 budget report for the company's Assembling Department is as follows: Limo Company Budget Report Assembling Department For the Month Ended March 31 2020 (c) Which budget report provides a better basis for evaluating performance? (3 marks) Suggested Answer: Click or tap here to enter text. Manufacturing Overhead Variable costs Indirect materials Indirect labour Utilities Maintenance Fixed Costs Rent Supervision Depreciation Budget Actual $48,000 46,000 65,000 51,200 15,000 15,600 12,000 12,500 15,000 14,200 18,000 19,300 5,000 5,200 The monthly budget amounts in the report were based on an expected production of 65,000 units per month or 780,000 units per year. Given the actual expenses, the Assembling Department manager is pleased with the report and expects some praise for a job well done. The company president, however, is unhappy with the results for March because only 55,000 units were produced Required: (a) State the total monthly budgeted cost formula. (2 marks) Suggested Answer: Click or tap here to enter text. (Or, you can use the given excel document to show your work for this question.) (b) Prepare a Budget Report for March using flexible budget data. (9 marks) Suggested Answer: END OF EXAMINATION ++++