Instructions ENTERANSWERS Flexible Budgets and Standard Cost Systems Using Exeel to prepare a flexible budget performance report Pilchuck Company manufactures tote bugs and has provided the following information for September 2018: \begin{tabular}{l|r|r|} & Actual Results & Static Budget: \\ \hline Units & 11,000 & 12,000 \\ \hline Sales Revenue & 368,000 & 384,000 \\ \hline Variable Costs & 183,000 & 198,000 \\ \hline Contribution Margin & 185,000 & 186.000 \\ \hline Fixed Costs & 76,000 & 77.184 \\ \hline Operating Income & 109.000 & 108,816 \\ \hline \end{tabular} Use the blue shaded areas on the ENTHRANSWERS tab for inputs. Always ase cell references and formulas where appropriate to receive fall eredit. If you cepyipaste from the Instructions tab you will be marked wrong. Requirements Prepare a flexible budget performance report, including the heading Use the ABS function when calculating variances, and use the drop1 down selections for F or U when deseribing the variances. 2 Calculate the Static Budget Variance for operating incone, and labsl it as a F (favorable) or U (unfavorable) variance. Possible points Freel Skills 1 ABS functien (Absolute Value) to calculate the variances. 2 Data validation to velect a F (favorable) or U (unfavorable) variance 3 Cell references - both absolute and relative Saving \& Submitting Solutien I Save file to desktop. a. Create folder an desktop, and Iabel COMPLFTHD FXCEI. PROJECTS 2 Uploed and submit your file to Canvas to he graded. Instructions ENTERANSWERS amount, make sure to include the result of 0 in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.) (Always use cell references and formulas where appropriate to receive full eredit. If you copyipaste from the lastructions tab you will be nurked wrong.) \begin{tabular}{|c|c|c|c|c|c|c|c|c|} \hline & & Column 1 & Columin 2 & & Columan 3 & Colamn 4 & & Columin 5 \\ \hline & & & Col(1)Col(3) & & & Col(3)Col(5) & & \\ \hline & \begin{tabular}{c} Budget \\ Amounts per \\ Unit \end{tabular} & Actual Results & \begin{tabular}{c} Flexible Budget \\ Variance \end{tabular} & For U & Fexible Budge & \begin{tabular}{c} Sales Volume \\ Variance \end{tabular} & F or U & Static Budget \\ \hline \multicolumn{9}{|l|}{ Units } \\ \hline \multicolumn{9}{|l|}{ Sties Revenue } \\ \hline \multicolumn{9}{|l|}{ Variable Costs } \\ \hline \multicolumn{9}{|l|}{ Cantribution Maryin } \\ \hline \multicolumn{9}{|l|}{ Fixed Costs } \\ \hline Operating lncome & & & & & & & & \\ \hline \end{tabular} 2 Calcalate the Statie Bedget Variance for operating income, and label it as a F (favorable) or U (anfavorable) variance: (Always use cell references and formulas where appropriate to receive full crodit.) \begin{tabular}{c|c|} \multicolumn{1}{c|}{} & Statie Budget Variance for Operating Income (1) =(5) \\ \cline { 2 - 3 } Ameunt: & \\ \hline For U & \\ \hline \end{tabular} Cell | Hitat: IIINTS C13:C14, D12:D17,J12:J17 [ Use cell referenees to the values in the data table provided an the top of the lastructions workshect for ealeulations. E13:R17, H13:H17, D25 ( Use the function -ABS() to calculale the variances. F13a177, II3a117 | Do not choose the descriptions and leave eells blank if corresponding variances equal zero
