Flexible budgets Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and, therefore, has no inventories. The following information is available for the current month: Actual (based on Static Budget Actual orders for (based on budgetecd 450,000 units) orders for 480,000 units) $4,800.000 Sales $4.968.000 Less Variable costs 1,440,000 336,000 624,000 480 1,440,000 276,000 674,400 468,000 Variable marketing and administrative. $2.880,000 $1,920,000 $2.858.400 $2,109.600 Less Fixed costs 988,800 288,000 960,000 288,000 180,000 Manufacturing overhead. 204.000 $1.480.800 $1428.000 Total fixed costs. Operating profits Required 1. Prepare a flexible budget for Osage, Inc. 2. Prepare and explain activity variances for Osage, Inc. 3. Prepare and explain revenue/spending variance for Osage, Inc