5 1,655,100 347,610 $ 897,490 Crane Corporation's master budget for the year is shown below: Sales (61,300 units) cost of goods sold: Direct materials $ 153,250 Direct labor 441,368 Overhead (variable overhead applied at 45% of direct labor cost) 253, see Gross profit Selling expenses: Sales commissions (all variable) $ 165,510 Rent (all fixed) 53,000 Insurance (all short-term fixed) 43,000 General expenses: Salaries (all short-term fixed) 98,500 Rent (all short-term fixed) 83,500 Depreciation (all short-term fixed) 63,000 Operating income 586,510 $ 380,980 Required: 1. During the year, the company manufactured and sold 56,300 units of product. Prepare a flexible budget for this level of output 2. Now suppose that the actual level of output was 66,300 units. Prepare a flexible budget for this output level. Complete this question by entering your answers in the tabs below. output. (Do not round intermediate calculations.) 11:37 CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed Gross profit Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent Depreciation Operating income ces