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Flexible budget. Cameron Company's budgeted prices for direct materials, direct manufacturing labor, and direct marketing (distribution) labor per attach case are $40, $8, and $12, respectively. The president is pleased with the following performance report: Actual Costs Static Budget Variance Direct materials $364,000 $400,000 $36,000 F Direct manufacturing labor $78,000 $80,000 $2,000 F Direct marketing (distribution) labor $110,000 $120,000 $10,000 F Actual output was 8,800 attach cases. Assume all three direct cost items shown are variable costs. Is the president's pleasure justified? Prepare a revised performance report that uses a flexible budget and a static budget. Required: 1. Calculate the static-budget variance in units, revenues, variable manufacturing costs, and contribution margin. What percentage is each static- budget variance relative to its static-budget amount? 2. Break down each static-budget variance into a flexible-budget variance and a sales-volume variance. 3. Calculate the selling price variance