Font fx A B D Flexible Budgets and Standard Cost Systems E Alignment H Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the following information for September 2018: Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Actual Results Static Budget 14,000 15,000 560,000 540,000 294,000 262,500 266,000 277,500 109,000 122,000 157,000 155,500 0 Formatting Table Number Styles 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 Instructions tab you will be marked w Requirements 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. Excel Skills 1 ABS function (Absolute Value) to calculate the variances. 2 Data validation to select a F (favorable) or U (unfavorable) variance 3 Cell references - both absolute and relative Instructions ENTERANSWERS +