flexible budget question

of the company providing explanations and revised reports in relation to the operating performance in April 2020, and address her ethical obligations arising 'om the response 'om the manager of Aircra Operations. Your report should contain the following three parts: Part I 1. Explain why the company's April net prot was only about two-thirds of the expected level, despite several favourable variable expense variances shown in the above performance report. Explain why the original performancei'variance report prepared by the manager of Aircra Operations is misleading. Part [I 1. Prepare flexible budgets for the company based on the following activity levels: (a) 32 000 air-kilometres. (b) 35 000 air-kilometres. (e) 38 000 air-kilometres. 2. Prepare a revised perfonnance report showing the proper variances for April, based on the exible budget that you prepared above. Part III Miranda Jenkins presented her revised performance report to Robert Smith, along with the explanation why the original performance report was misleading. Robert did not take it well. He complained of Miranda's 'interference' and pointed out that the company had been doing just fine without her. '1 am taking my report to the owner tomorrow,' Robert insisted. \"Yours just makes us look bad.' what are Miranda's ethical obligations as a CPA in this matter? What should she do