The following standard costing data, per unit, are for Black Ltd. for January: Direct materials 45 kilograms at $8 per kilogram Direct labour 6 hours at $30 per hour Variable overhead 6 hours at $10 per hour Fixed overhead $ 45 For January, Blacks flexible budget volume of output was 720 units. Budgeted (planned) output was 750 units. Direct materials purchased and used were 31,000 kilograms at a total cost of $251,720. Direct labour used was 4,800 hours at $28.50 per hour. Variable overhead cost was $42,700. Actual fixed overhead cost was $38,000. Fixed overhead cost is applied using direct labour-hours. The normal volume is the same as the planned volume for January. Required: 1. Prepare the static and flexible budgets and show the variances by completing the table given below