Midland Manufacturing Inc. has just completed its operations for August, which was a particularly busy month. They process more product than had been originally planned for the month. A report prepared by Management comparing actual costs to budgeted costs appears below. Budget 600 Variance 480 F Matoika Marine Cost Control Report For the Month Ended August 31 Actual Units Produced 1,080 Variable costs: Marine supplies $ 8,900 Emmission tests 12, 230 Other Variable 2.650 Administrative supplies 600 Total variable cost 24,380 Fixed costs: Staff salaries 19,500 Equipment depreciation 4.800 Rent 11,950 Utilities 770 Total fixed cost 27.020 Total cost $51,400 $9,000 8,109 1,200 300 18 600 $ 100F 4,130 1,450 3000 5.780 U 19,50 3,500 1,950 1,300 U 500 25.550 $44,150 170 V 1.470 U 57.250 0 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 Help Save & 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 effectie, zero variance). Round "Cost Formule" answers to 2 decimal places) 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) 1080 1080 GOO Variable costs Medical supplies Emmission tests Other variable Expenses Administrative supplies Total variable cost Foxed costs Staff salaries Equipment depreciation Rent Uits Total fixed cost Total cost