Exercise 11-7 Preparing Flexible Budgets (LO2 - CC12) ToasToe Inc. (TI) is a manufacturer of heating elements for toaster ovens. To improve control over operations, the president wants to install a flexible budgeting system, rather than the single master budget being used at present. The following data are available for expected costs for production. The relevant range of production levels for fixed overhead costs is 75,000 to 170,000 units: Variable costs: Manufacturing Administrative Selling Fixed costs: Manufacturing Administrative $6.50/unit $3.50/unit $1.50/unit $ 112,400 $ 85,000 Required: Prepare a flexible budget for each of the three possible sales levels: 94,000, 104,000, and 114,000 units. Each toaster oven is expected to sell for $13.60. Variable costs: TOASTTOE INC. Flexible Budget Cost Formula (per toaster) 94,000 Activity (toasters) 104,000 114,000 Total variable costs $ 0.00 $ 0 $ 0 $ 0 Fixed costs: Total fixed costs. $ 0 $ 0 $ 0 Total costs. $ 0 $ 0 $ 0