Flexible Budgets, Direct Cost Variances, and Management Control Flexible Budget Sweeney Enterprises manufactures tires for the Formula i motor racing circuit. The company's budgeted and 4 actual amounts are as follows: Budgeted for August 2017 Units to manufacture and sell Variable cost per tire Total fixed costs Budgeted selling price per tire 3,600 $71 $55,000 $114 varebone Actual Results for August 2017 Units manufactured and sold 3,500 Selling price per tire $116 Total variable costs $280,000 Total fixed costs. $51,000 8 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong. Requirement Prepare a performance report that uses a flexible budget and a static budget. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances. For variances with a zero amount, make sure to enter the result of "=0" in the appropriate cell and leave the drop-down to identify the variance as either For U blank Saving & Submitting Solution 1 Save file to desktop. a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created; add-solution-date to end of file name 2 Upload and submit your file to be graded. Navigate back to the activity window - screen where you downloaded the initial spreadsheet Click Choose button under step 3; locate the file you just saved and click Open c. Click Upload button under step 3 d. Click Submit button under step 4 Prepare a performance report that uses a flexible budget and a static budget. a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U (unfavorable) when describing the variances c. For variances with a zero amount, make sure to enter the result of "0" in the appropriate cell and leave the drop-down to identify the variance as either For U blank. (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instruction tab you will be marked wrong.) Flexible-Budget Variance Flexible Budget Sales-Volume Variances Actual Results Static Budget Units sold Revenues Variable costs Contribution margin Fixed costs Operating income