Connolly Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3,100 tires at a variable cost of $78 per tire and total fxed oosts of S52,000. The budgeted seling price was S110 per tire. Actual results in August 2017 were 2,900 tires manufactured and sold at a selling price of S111 per tire. The actual total variable costs were $246,500, and the actual total fixed costs were $47,500. Read the requirements. 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 varlance 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 FlexibleSales-Volume Static Results Variances Budget Budget Requirements Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement 1 The total static-budget variance in operating income is S variance and a(n) manufactured and sold were primarily to the 1. 2. Prepare a performance report that uses a flexible budget and a static budget Comment on the results in requirement 1 Print Done There is a) total flexible-budget sales-volume variance. The sales-volume variance arises solely because actual units than the budgeted 3,100 units. The flexible-budget variance in operating income is due in unit variable costs. Choose from any list or enter any number in the input fields and then continue to the next