Crane Corporation's master budget for the year is shown below:

Crane Corporation's master budget for the year is shown below: $ 2,228,400 $ 191,890 495,200 259,000 946,090 $ 1,282,310 Sales (61,900 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 $ 168,368 59,000 49,000 ces 101,500 86,500 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 CRANE CORPORATION Flexible Budget 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 CRANE CORPORATION Flexible Budget 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 +