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Melbourne HiFi sells electronic equipment. The information below relates to the cost of selling a particular product (the HiPhone) over 12 months. Budgeted total fixed cost: $100,000 Budgeted variable cost (per phone): $300 Budgeted sales (in units): 3,000 units Actual total fixed cost: $110,000 Actual variable cost (per unit): $275 Actual sales (in units): 2,500 units Which of the following statements with regards to the flexible budget for the same period is/are true: 1. The flexible budget will show total fixed costs of $100,000 2. The flexible budget will show total fixed costs of $110,000 3. The flexible budget will show total variable costs of $900,000 4. The flexible budget will show total variable costs of $825,000 5. The flexible budget will show total variable costs of $750,000 Statements 1 and 5 only Statements 2 and 4 only Statements 2 and 5 only Statements 1 and 5 only Statements 1 and 3 only