The manufacturing overhead budget for Reebles has the following items: Variable costs Indirect materials Indirect labour Maintenance Manufacturing supplies Total variable costs $25,000 $12,000 $10,000 $6,000 I $53,000 Fixed costs Supervision Inspections Insurance Amortization Total fixed costs $17,000 $1,000 $2,000 $15,000 $35,000 The budget was based on an estimated production of 2,000 units. During November, 1,500 units were produced, and the following costs were incurred: Variable costs Indirect materials $25,200 The budget was based on an estimated production of 2,000 units. During November, 1,500 units were produced, and the following costs were incurred: Variable costs Indirect materials $25,200 Indirect labour $13,500 Maintenance $8,200 Manufacturing supplies $5,100 Total variable costs $52,000 Fixed costs Supervision Inspections Insurance Amortization $19,300 $1,200 $2,200 $14,700 Required: a) Prepare a flexible manufacturing overhead budget and the actual manufacturing overhead report for month ended November b) Determine the difference in total variable costs, total fixed costs and total costs c) Determine the differences between budgeted and actual costs. (Budget Variances) d) Identify the variances as favourable or unfavourable The manufacturing overhead budget for Reebles has the following items: Variable costs Indirect materials Indirect labour Maintenance Manufacturing supplies Total variable costs $25,000 $12,000 $10,000 $6,000 I $53,000 Fixed costs Supervision Inspections Insurance Amortization Total fixed costs $17,000 $1,000 $2,000 $15,000 $35,000 The budget was based on an estimated production of 2,000 units. During November, 1,500 units were produced, and the following costs were incurred: Variable costs Indirect materials $25,200 The budget was based on an estimated production of 2,000 units. During November, 1,500 units were produced, and the following costs were incurred: Variable costs Indirect materials $25,200 Indirect labour $13,500 Maintenance $8,200 Manufacturing supplies $5,100 Total variable costs $52,000 Fixed costs Supervision Inspections Insurance Amortization $19,300 $1,200 $2,200 $14,700 Required: a) Prepare a flexible manufacturing overhead budget and the actual manufacturing overhead report for month ended November b) Determine the difference in total variable costs, total fixed costs and total costs c) Determine the differences between budgeted and actual costs. (Budget Variances) d) Identify the variances as favourable or unfavourable