Crane Corporation's master (static) budget for the year is shown below: $2,436,000 $225,330 511,560 249,000 985, 890 $1,450, 110 Sales (60,900 units) Cost of goods sold: Direct materials Direct labor Overhead (variable overhead applied at 40% 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 $165,039 49,000 39,000 96,500 81,500 59,000 490,039 960,071 $ Required: 1. During the year, the company manufactured and sold 55,900 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,900 units. Prepare a flexible budget for this output level. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Now suppose that the actual level of output was 65,900 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable 0 $ 0 Fixed Gross profit Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent Depreciation Operating income 0 S 0 Required 1 Required 2 During the year, the company manufactured and sold 55,900 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 0 Gross profit $ Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance 0 General expenses: Salaries Rent Depreciation Operating income Olo S