Crane Corporation's master budget for the year is shown below $ 2,278,00 Sales (60,500 units) Cost of goods sold: Direct materials Direct labor Overhead (variable overhead applied at 3 of direct labor cost) Gross profit Selling expenses Sales commissions (all variable) Rent (all fixed) Insurance (all short-tern fixed) General expenses Salaries (all short-term fixed) Rent (all short-ters fixad) Depreciation (all short-term fixed) Operating income $ 199,65 484,000 245, de 228,65e 51,249,350 $ 161,656 45,00 35, 94,500 79, see 55 Required: 1. During the year, the company manufactured and sold 55,500 units of product Prepare a flexible budget for this level of output 2. Now suppose that the actual level of output was 65,500 units. Prepare a flexible budget for this output level 42.656 5.775,694 Complete this question by entering your answers in the tabs below. Required 1 Required 2 During the year the company manufactured and sold 55.500 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales Les Cost of goods sold Direct mais Director Mandacaring overhead Variable Pwed Gross profe LN Operatg expenses Seling expenses Sales Rent ce General 0 Rent Depreciation Operating come Crane Corporation's master budget for the year is shown below $ 2,178, $ 199,65e 184, 245, Sales (60,50 units) Cost of goods sold: Direct materials Direct Labor Overhead (variable overhead applied at 3 of direct labor cost) Gross profit Selling expenses Sales cossions (all variable) Bent (all fixed) Insurance (all short-term fixed) General expenses Salaries (all short-ters Fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income 920.550 5 1,205, 15e $ 161,656 45.00 35,00 5,500 79,50 De 56 5 778,500 Required: 1. During the year, the company manufactured and sold 55.500 units of product. Prepare a flexible budget for this level of output 2 Now suppose that the actual level of output was 65.500 units. Prepare a fiexible budget for this output levet Complete this question by entering your answers in the tabs below Required: Required 2 Now suppose that the actual level of output sa 65.500 unit. Prepare a foble budget for this output level. Do not round Intermediate calculation) CRANE CORPORATION Se Cost of goods sold Dames Director Mancuring overhead Vaat Feed Grosso Less Operang pendes Seling Salomon 5 Rent Open Rent Direction O come