Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3,200 tires at a variable cost of $77 per tire and total fixed costs of $56,000. The budgeted selling price was $112 per tire. Actual results in August 2017 were 3,100 tires manufactured and sold at a selling price of $113 per tire. The actual total variable costs were $260,400, and the actual total fixed costs were $53,000. Read the fequirements Requirement 1. Prepare a performance report that uses a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Flexible-Budget Flexible Sales-Volume Static Results Variances Budget Variances Budget el 10 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement 1. There is an) total flexible-budget The total static-budget variance in operating income is $ variance and a(n) sales-volume variance. The sales-volume variance arises solely because actual units Choose from any list or enter any number in the input fields and then continue to the next