Thomas Co.provides the following foxed budget data for the year Sales (20,000 units) Cost of sales Direct materials Direct labor Variable overhead $600,000 $200,000 160,000 60,000 Fixed overhead Gross profit Operating expenses Fixed 500.000 80,000 $100,000 S 12.000 Variable Income from operations 52,000 40,000 S 48.000 The company's actual activity for the year follows Sales (21.000 units) $651.000 Cost of goods sold Direct materials $231000 Direct labor 168.000 73 500 Variable overhead 77.500 550,000 Fixed overhead S101.000 Gross profit Operating expenses Fixed 12.000 29 400 S1.500 S 49.500 Variable Income from operations Prepare a flexible budget performance report for the year using the contribution margin format Jacques Company planned to use 18,000 pounds otf material costing $2.50 per pound too make 4,000 units of its product. In actually making 4,000 units, the company used 18,300 pounds that cast $2.54 per pound. Calculate the direct materials price and quantity variances and indicate whether the results are favorable or unfavorable HTML Editor BIUA I E x, E Paragraph 12pt