Crane Corporation's master budget for the year is shown below: Sales (61,900 units) $ 2,228,400 Cost of goods sold: Direct materials" $191,890 Direct labor 495,200 Overhead (variable overhead applied at 45% of direct labor cost) 259,000 Gross profit Selling expenses: Rent, (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-term fixed) Rent (all short-tern fixed) Operating income 946,098 $ 1,282,310 Sales commissions (all variable) $ 168,368 59,000 49,000 101,500 86,500 Depreciation (all short-term fixed) 69,000 533,368 $ 748,942 Required: 1. During the year, the company manufactured and sold 56,900 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 66,900 units. Prepare a flexible budget for this output level.