Crane Corporation's master budget for the year is shown below. Chec Sales (61,808 units) Cost of goods sold: $ 2,163,000 Direct materials $ 185,400 Direct labor 488,220 Overhead (variable overhead applied at 48% of direct labor cost) 258,800 931,620 Gross profit $ 1,231,380 Selling expenses: Sales commissions (ociable) $ 168,096 Rent (all fixed) 58,000 Insurance (all shortFixed) 48,000 General expenses: Salaries (all short-texed) 101,600 Rent (all short-term) 86,000 Depreciation (all short fixed) 68.000 529,096 Operating income 5 702,284 Required: 1. During the year, the company manufactured and sold 56,800 units of product. Prepare a flexible budget for this level of output 2. Now suppose that the actual level of output was 66,800 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 56,800 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION Flexibic B get Sales Less Cost of goods sold Direct materials Direct labor Required 2 During the year, the company manufactured and sold 56,800 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRAPORATION Fudget Sales Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead: Variable Fbced Gross profit Less: Operating expenses Selling expenses Sales commissions Rent Insurance General expenses Salaries Rent Depreciation Operating income s Requina Required 2 > Search RE Complete this question by entering your answers in the tabs below. Required 1 Required 2 Now suppose that the actual level of output was 66,800 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANESOORATION Fleudget 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