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Midland Manufacturing Inc. has just completed its operations for August, which was a particularly busy month. They processed 24% more product than had been originally

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Midland Manufacturing Inc. has just completed its operations for August, which was a particularly busy month. They processed 24% more product than had been originally planned for the month. A report prepared by Management comparing actual costs to budgeted costs appears below. Variance 330 F Matoika Marine Cost Control Report For the Month Ended August 31 Actual Budget Units Produced 930 600 Variable costs: Marine supplies $ 8,700 $ 5,400 Emmission tests 8,230 7,200 Other Variable 1,940 1,200 Administrative supplies 520 306 Total variable cost 19, 390 14,100 Fixed costs: Staff salaries 11,500 11,500 Equipment depreciation 4,000 3, 100 Rent 1, 150 1.150 utilities 690 560 Total fixed cost 17. 340 16,310 Total cost $36, 730 $30, 410 $3,300 U 1,030 U 740 U 220 U 5,290 W 900 U 130 U 1.030 U $6, 320 U The managing director was very unhappy with this report, claiming that her costs were higher than expected. She also pointed out nep Say The managing director was very unhappy with this report, claiming that her costs were higher than expected. She also pointed out that the additional costs had been fully covered by payments from suppliers. The accountant who prepared the report pointed out that actual costs were a lot higher than promised in the budget. Required: 1. Prepare a new performance report for August using the flexible budget approach. (Note: Even though some of these costs might be classified as direct costs rather than overhead, the flexible budget approach can still be used to prepare a flexible budget performance report.). (Indicate the effect of each variance by selecting "F" for favourable, "U" for unfavourable, and "None" for no effect file zero variance). Round "Cost Formula" answers to 2 decimal places) Matoika Marine Flexible Budget Performance Report For The Month Ended August 31 Actual Spending or Budget Variance Flexible Budget State Budget Cost Formula Activity Level (units) (Per unit) 930 930 600 Variable costs Medical supplies Emmission tests Other variable Expenses Administrative supplies Tinkle Matoika Marine Flexible Budget Performance Report For The Month Ended August 31 Actual Spending or Budget Variance Flexible Budget Static Budget Cost Formula (Per unit) Activity-Level (units) 930 930 600 Variable costs. Medical supplies Emmission tests Other variable Expenses Administrative supplies Total variable cost Fixed costs Staff salaries Equipment depreciation Rent Utilities Total fixed cost Total cost

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