Group Coursework Assignment March 2022 Q1 The actual information pertains to the month of August. As part of the budgeting process, Alloway's Fencing Company developed the following static budget for August. Alloway is in the process of preparing the flexible budget and understanding the results. Actual Flexible Static Budget Budget Sales volume (in units) 25.000 Sales revenues $1,000,000 $1,250,000 Variable costs 512.000 600.000 Contribution margin 488,000 650.000 Fixed costs 458.000 450.000 Operating profit 30.000 200.000 Results 20.000 $ Required Prepare the flexible budget and state the flexible budget variances for variable cost and fixed cost. (4 marks)