Crane Corporation's master budget for the year is shown below: $ 1,983,400 $ 147,360 460, 500 254, eee 861,860 $ 1,641,548 Sales (61,480 units) Cost of goods sold: Direct materials Direct labor Overhead (variable overhead applied at 3ex of direct labor cost) Gross profit Selling expenses: Sales commissions (all variable) Rent (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-term fixed) Rent (all short-tern fixed) Depreciation (all short-term fixed) Operating income $ 164,552 54, eee 44, eee 99,000 84, eee 64,000 509,552 $ 531,988 Required: 1. During the year, the company manufactured and sold 56.400 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 66.400 units. Prepare a flexible budget for this output level. Complete this question by entering your answers in the tabs below. Required 1 Required 2 During the year, the company manufactured and sold 56,400 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) 0 $ 0 CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed Gross profit Less: Operating expenses Selling expenses Sales commissions Rent Insurance General expenses Salaries Rent Depreciation Operating income 0 0 Required Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Now suppose that the actual level of output was 66,400 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales 0 0 S Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed Gross profit Less: Operating expenses Seling expenses: Sales commissions Rent Insurance General expenses Salaries Rent Depreciation Operating income 0 0 S