Crane Corporation's master budget for the year is shown below: Sales (60,000 units) $ 1,860,000 Cost of goods sold: Direct materials $ 160,000 direct labor cost) Gross profit Direct labor Overhead (variable overhead applied at 40% of Selling expenses: Sales commissions (all variable) Rent (all fixed) 450,000 240,000 858,000 $ 1,002,000 167,400 40,000 Insurance (all short-term fixed) 30,000 General expenses: Salaries (all short-term fixed) 92,000 Rent (all short-term fixed) 77,000 Depreciation (all short-term fixed) 50,000 456,400 Operating income. $ 545,600 Required: 1. During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,000 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 55,000 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION Sales Less: Cost of goods sold: Flexible Budget During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION 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 Flexible Budget 0 $ 0 $ Required 1 Required 2 Now suppose that the actual level of output was 65,000 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANE CORPORATION 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 Flexible Budget 0 $ 0 $