Burchard's Freight and Haulage is a small trucking company in northern New South Wales. Basic bookkeeping tasks have previously been performed by a person with minimal training. Because of the growth of the business you have recently been appointed as accountant. The company's manager, Bob Burchard, has prepared the following performance report for May. Burchard's Freight and Haulage Performance report for the month ending 31 Mav Required 1. Prepare a columnar flexibie budget for Burchard's Freight and Haulage based on revenue levels of $90000,$100000 and $110000. 2. What is the flexible budget equation? 3. Prepare a detailed performance report which will show activity volume variances and flexible budget variances, item by item. 4. Although there are a number of favourable variances in Bob Burchard's report, actual net profit is only about 65% of budgeted net profit. Explain why this is so