Before the year began, the following static budget was developed for the estimated sales of 100,000. Sales are sluggish and management needs to revise its budget. Use this information to prepare a flexible budget for 80,000 and 90,000 units of sales. 80,000 90,000 Flexible Budget 100,000 $ 3,660,000 Sales 2,928,000 3,294,000 Cost of Goods Sold Direct Material 800,000 900,000 1,000,000 Direct Labor 800,000 900,000 1,000,000 250,000 200,000 225,000 Variable Manufacturing Overhead Fixed Manufacturing Overhead 70,000 70,000 70,000 Cost of Goods Sold X x 2,320,000 Gross Profit $ 1,340,000 x 200,000 160,000 180,000 Variable Sales and Administrative Expenses Fixed Sales and Administrative Expenses Income Before Taxes 930,000 930,000 930,000 X $210,000 63,000 Taxes x Net Income/Loss $147,000 X