Crane Corporation's master budget for the year is shown below: Sales (60,700 units) Cost of goods sold: Direct materials Direct labor Overhead (variable overhead applied at 45% 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-term fixed) Depreciation (all short-term fixed) Operating income $ 2,306,600 $ 212,450 497,740 247,000 957,190 $ 1,349,410 $ 160,248 47,000 37,000 95,500 80,500 57,000 477,248 $ 872,162 Required: 1. During the year, the company manufactured and sold 55,700 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,700 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 55,700 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.)