1. Whidbey Co. fixed budget for the year is shown below Sales (50,000 units) Cost of goods sold: S1,300,000 S150,000 Direct materials Direct labor Overhead (includes $2 per unit variable 450,000 240.0001 840,000 overhead) Gross proft $460,000 Selling expenses: 60,000 40,000 35,000 Sales commissions (all variable) Rent (all fixed) Insurance (all fixed) General and administrative expenses: Salaries (all fixed) Rent (all fixed) Depreciation (all fixed) 72,000 54,000 31,000 Net income from operations $168,000 Required: Prepare a flexible budget for Whidbey Co. that shows a detailed budget for its actual sales volume of 42,000 units. Use the contribution margin format