Case study narrative: Black M (BT) manufactures and sells two products in Australia. A standard tyre made from hard rubber for durability and a high performance tyre made from softer rubber for superior grip in wet conditions. The market is growing by about 0.8% per year, with strong competition due to tyres imported from China. The CFO, Peter W has provided extracts from last year's actual income statement and profit plan. When Peter prepared the budget in November 2020, he expected and assumed that the market would grow by 0.80% compared to the previous year. When he received the Annual Tyre Industry Report, he found that the market actually grew by 0.75%. Peter and his management team realise that they cannot compete with tyres imported from China on price. They have decided to focus on the 'High Performance" segment of the market where customers are less price sensitive. They have launched a targeted marketing campaign and made a special effort to identify and implement opportunities to improve operational efciencies and enhance the quality of the service they offer. Reguired: A. Complete the exible budget (of High Performance Tyre and both products combined). Please copy and paste the table with your calculations from Microsoft Excel to your Word File. B. Complete reconciliation of variances using the template provided (Calculate the variances and reconcile the actual operating prot to the planned operating prot using the template provided. (Please copy and paste the table with your calculations from Microsoft Excel to your Word File) C. Prepare a report outlining BT's performance for the year ended 30 June 2021. Provide definitions and a detailed analysis of the three most significant variances. Why are these variances important? (Answer in about 300-500 words) D. Suggest possible factors that may be driving the more significant variances you have identified. Provide a detailed analysis. (Answer in about 300-500 words)