Waterways Corporation is continuing its budget preparations. Waterways had the following static budget and actual overhead for March. CRefer to Waterways 9 if you are uncertain about variable versus fixed costs.) waterways Corporation Waterways Corporation Manufacturing overhead Budget Manufacturing overhead Costs (Actual) For the Month of Static For the Month of March March Budgeted Production 118,000 Production in units 118,500 7,080 7100 Indirect materials Indirect materials 11,000 11,825 Indirect labor Indirect labor Utilities 10,620 Utilities 10700 5900 5990 Maintenance Maintenance Salaries 42,000 42,000 Salaries 16800 6,800 Depreciation Depreciation 2,500 Property taxes 2500 Property taxes 1,200 1250 Insurance Insurance Janitorial 1.300 Janitorial 1.300 Total budgeted costs 98,400 Total costs $99,465 Waterways produced 118,500 units in March rather than the budgeted number of units Instructions: Prepare a flexible budget overhead budget based on the following a produced (1) 115,000 units (2) 116,000 units (3) 117,000 units (4) 118,000 units (5) 119,000 units b. Prepare a flexible budget performance report showing the differences favorable and unfavorable) in manufacturing overhead costs for the month of March. Prepare a responsibility report for the manufacturing overhead for March, assuming only variable costs are controllable