063 Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sets items for $10 each and used a budgeted selling price of $10 per unit 2000 2,100,000 125.000 1000 a Prepare the actual income statement, flexble budget, and static budget. Do not use negative signs with any of your answers below Actual Results Flexible Budget Static Budget unes s Revenues variable cos Contribution marg Operating wame 05 101 G D 01 05 0 For questions b, c, and d. do not use negative signs with your answers. Select either U for Unfavorable or Ffor Favorable using the drop down box next to each of your variance answers b. What is the static-budget variance of revenues? 50 c. What is the flexible budget variance for variable costs? 10 d. What is the flexible budget variance for fixed costs? 50