E7-21 (similar to) Question Help Smith Smith Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017 2017, it budgeted to manufacture and sell 3 comma 100 3,100 tires at a variable cost of $ 77 $77 per tire and total fixed costs of $ 53 comma 500 $53,500. The budgeted selling price was $ 108 $108 per tire. Actual results in August 2017 2017 were 2 comma 900 2,900 tires manufactured and sold at a selling price of $ 109 $109 per tire. The actual total variable costs were $ 240 comma 700 $240,700, and the actual total fixed costs were $ 49 comma 500 $49,500. Read the requirements LOADING... . Requirement 1. Prepare a performance report that uses a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Enter any number in the edit fields and then click Check Answer. 3 parts remaining Clear All Check Answer