Brabham Enterpnses manufactures tres for the Formula I motor racing circut. For August 2020 , it budgoted to manutacture and sell 3,000 tires at a variable cost of 573 per tire and total fixed costs of $57,000. The budgeted selling price was $111 per tire. Actual results in Aygust 2020 wece 2,700 tires mandoctured and sold at a seling price of $113 per tire. The actual lotal variabie costs were $218,700, and the actual total fixed costs were $53,500 Read the reguicements. Requirement 1. Fiepare a pertormance report with a fexible budget and a static budget Begin with the actual results, then coreplete the fexble budget columns and the stase budget columns. Label each variance as favorable or unfavorable, (For variances with a 10 baiance, mike sum to enter "op" in the appropriate feld if the variance is zero, do not select a label.) Requirements 1. Prepare a performance report with a flexible budget and a static budget. 2. Comment on the results in requirement 1