Maryland Company prepared the following static budget for March and would like to determine its flexible budget based on actual activity levels. Static budget Activity level (in units) 600 units Sales Variable costs: Materials Labour Fixed costs: Supervision $60,000 $12,000 $9,000 $15,000 Total variable and fixed costs $36,000 Net income $24,000 Required: Complete the flexible budget income statement for March for actual production of 550 units. (4 marks)