Talwar Inc is a manufacturing firm and has provided following data related to costs: Details...Fixed Cost/Month ($)..Cost/unit of production ($) Wages and Salaries.. 23100.. 16 Parts and Supplies..x.. 8 Equipment Depreciation.. 1600.. 0.5 Lorry Operating Expenses.. 6400.. 1.6 Rent.. 3230 .. x Administrative Expenses.. 4400.. 0.8 Talwar computes the total costs as fixed cost/month plus variable cost. The company expected to produce 2800 units in May, but actually produced 2900 units. The products selling price is $44 per unit. Instructions: a) Prepare static budget at the company's expected level of production (2.5 Marks) b) Prepare a flexible budget at the company's actual level of production (2.5 Marks) c) Indicate the variances whether favourable or unfavourable (2 Marks)