Crane Corporation's master budget for the year is shown below: $ 2,242,200 Sales (60,600 units) Cost of goods sold: Direct materials. $ 206,040 490,860 Direct labor Overhead (variable overhead applied at 40% of direct labor cost). 246,000 942,900 $ 1,299,300 Gross profit Selling expenses: $ 160,287 Sales commissions (all variable) Rent (all fixed) 46,000 Insurance (all short-term fixed) 36,000 General expenses: 95,000 Salaries (all short-term fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income 80,000 56,000 473,287 $ 826,013 Required: 1. During the year, the company manufactured and sold 55,600 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,600 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 55,600 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales $ 2,057,200 Less: Cost of goods sold: Direct materials $ Direct labor Manufacturing overhead: Variable Fixed 639,400 Gross profit 1,417,800 Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent Depreciation 0 Operating income 1,417,800 189,040 450,360 $ $