1.FLEXIBLE BUDGET Brabham Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2006, it budgeted to manufacture and sell 3.000 tires at a variable cost of $74 per tire and total fixed costs of $54.000. The budgeted selling price was $110 per tire. Actual results in August 2006 were 2,800 tires manufactured and sold at a selling price of $112 per tire. The actual total variable costs were $229.600, and the actual total fixed costs were $50.000. Required 1. Prepare a performance report that includes static budget, actual results, and flexible budget. 2. Comment on the variances