Kluver Enterprises manufactures tires for the Formula 1 motor racing circuit For August 2017, it budgeted to manufacture and sell 3,700 tires at a variable cost of $75 per tire and total fixed costs of $52,000. The budgeted selling price was $108 per tire. Actual results in August 2017 were 3.600 tires manufactured and sold at a selling price of $111 per tire. The actual total variable costs were $298,800, and the actual total fixed costs were $48,000. Read the requirements. Requirement 1. Prepare a performance report that uses a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable variance is zero, do not select a label.) unfavorable. (For variances with a $0 balance, make sure to enter "o" in the appropriate field. If the Actual Flexible Static Flexible-Budget Variances Sales-Volume Variances Results Budget Budget Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement 1. The total static-budget variance varlance and a(n) manufactured and sold were primarily to the operating Income is S There is an) total flexible-budget sales-volume variance. The sales-volume variance arises solely because actual units than the budgeted 3,700 units. The flexible-budget varlance in operating Income is due in unit variable costs Requirements 1. Prepare a performance report that uses a flexible budget and a static budget. 2. Comment on the results in requirement 1. Print Done