Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit For August 2017, it budgeted to manufacture and sell 2.900 tires at a variable cost of $75 per tire and total fixed costs of $53,000. The budgeted selling price was $116 per tire. Actual results in August 2017 were 2,600 tires manufactured and sold at a selling price of $117 per tire. The actual total variable costs were $215,800, and the actual total fixed costs were $50,000 Read the requirements 1. Prepare a performance report that uses a flexible budget and a static budget. 2. Comment on the results in requirement 1. 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 "U" in the appropriate field. If the variance is zero, do not select a label.) Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income