Crane Corporation's master budget for the year is shown below: $ 2,832, 8ee $ 172,488 474,320 256, de 992. bae $ 1,130,980 Sales (61,600 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-ters fixed Rent (all short-term fixed) Depreciation (all short-term Fixed) Operating income $ 161,084 55,000 45,000 100, 808 85, 66. de 514, 084 $ 615,916 Required: 1. During the year, the company manufactured and sold 56.600 units of product. Prepare a flexible budget for this level of output 2 Now suppose that the actual level of output was 66,600 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 56.500 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations. 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 Salanes Rent Depreciation Operating income