Tipton Company's production performance report for April includes the information shown below

Tipton Company's production performance report for April includes the information shown below. (Click the icon to view the production performance report.) Requirement Prepare a flexible budget for the items shown and compute the flexible budget cost variances and planning cost variances for each item. Indicate whether the variances are favorable or unfavorable for each item. Begin with the master budget, then complete the flexible budget columns and the actual results columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round interim calculations to the nearest cent.) Master Planning Flexible Flexible Budget Budget Variance Budget Variance Actual i Data Table - X Units 31000 70000 Direct materials 186000 413000 ACTUAL MASTER BUDGET Direct labor 222750 196000 81,000 Fixed manufacturing support 450000 132000 Volume 70,000 Manufacturing costs: Total 1158750 1041000 Direct materials 413,000 $ 486,000 Direct labor 196,000 222,750 Fixed manufacturing support 432,000 450,000 Total $ 1,041,000 $ 1,158,750 Choose from any list or enter any number in the input fields and then continue to the next question. Print Done