Flexible Budgets, Direct Cost Variances, and Management Control Flexible Budget Sweeney Enterprisis manufactures tires for the Formula 1 motor racing circuit. The company's budgeted and actual mounts are as follows: Budgeted for August 2017 Units to manufacture and sell 3.550 Variable cost per tire 572 Total fand costs $54,500 Budgeted selling price per tire 5115 Actual Results for August 2017 Units manufactured and sold 3,500 Selling price per tire $116 Total variable costs $280,000 Total fixed costs Use the blue shaded areas for inputs $51,000 Always use cell references and formulas where appropriate to receive full credit 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 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 (fevorable) or U (unfavorable) when describing the variances c. For variances with a rero amount, make sure to enter the result of "-" 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.) 1 Actual Results Flexible Budget Variance Flexible Budget Sales Volume Variances Static Budget "Variances should be presented as positive numbers using the AS function. Units sold Revenues Variable costs Contribution margin Find costs Operating income