Suppose, you are given the following information: The company plans to manufacture 24,000 desks per month. Expected direct material cost =$552,000 Expected direct labor cost =$144,000 Expected variable production overhead =$164,400; and Expected fixed production overhead =$329,000, which includes $28,000 of straight-line depreciation and $41,000 of supervisory salaries. Actual costs for February 2023 looked like the following: Direct material =$489,300; Direct labor =$127,900; Variable production overhead =$170,000; Depreciation =$28,000; Supervisory salaries =$42,100; Other fixed production overhead =$256,000. Actual production for February was only 20,000 desks due to some supply chain issues. Prepare a five-column performance report showing static budget, volume variance, flexible budget, flexible budget variance and actual performance. Indicate if each variance number is favorable or unfavorable. [One of you can show the flexible budget, someone can show the volume variance column, another person can show the flexible budget variance column. This way, different people will have the opportunity to participate] 181 words