Walton Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is the production manager. The production department's static budget and actual results for Year 3 follow. Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing cost Required Static Budget 24,000 kits $ 175,200 151,200 36,000 Actual Results 26,500 kits $ 231,050 160,150 42,450 362,400 433,650 201,000 196,800 $ 563,400 $ 630,450 a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Required A Required B Convert the static budget into a flexible budget. Note: Do not round intermediate calculations. Production in units Direct materials Flexible Budget 26,500 Kits Complete this question by entering your answers in the tabs below. Required A Required B Convert the static budget into a flexible budget. Note: Do not round intermediate calculations. Production in units Direct materials Direct labor Variable manufacturing overhead Total variable costs. Fixed manufacturing overhead Total manufacturing costs Flexible Budget 26,500 Kits Complete this question by entering your answers in the tabs below. Required A Required B Calculate the variances. Note: Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance). Direct materials Direct labor Variable manufacturing overhead Total variable costs Fixed manufacturing overhead Total manufacturing costs Variances