Flexible budgets Osage, Ine., 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 onStatic Budget Actual orders for (based on budgeted orders for 480,000 units) $4.800,000 450,000 units) Less Variable costs 1,440,000 276,000 674,400 468,000 $2.858.400 $2,109.600 Materials.... 1,440,000 336,000 624,000 Direct labor.. Variable overhead Variable marketing and administrative.... 480,000 $2,880,000 $1,920,000 Contribution margin. Less Fixed costs 988,800 288,000 204,000 960,000 288,000 180,000 $1.428.000 Total fixed costs. $1.480,800 Required 1. Prepare a flexible budget for Osage, Inc. 2. Prepare and explain activity variances for Osage, Inc. 3. Prepare and d explain revenue/spending variance for Osage, Inc