Melton Enterprises manufactures tires for the Formula 1 motor racing aircut. For August 2017, t budgeted to manufacture costs were $51,500 Read the selling price was $113 per tire Actual results in August 2017 were 3,500 bres manufactured and sold at a selling price of $117 per tre and sell 3,700 Sres at a variable cost of $74 per tire and total foxed costs of $54,000. The The actual total variable costs were $287,000, and the acual total s Requirement 1. Prepare a performance report that uses a flexsible budget and a static budget Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label t appropriate field. If the variance is zero, do not select a label) each variance as favorable or unfavorable (For vafiances with a 50 balance, make sure to eter" Actual Flexible-Budget FlexibleSales-Volume Static Results Budget Variances Budget 3500 Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement The total static-budget variance in operating income is hoose from any list or enter any number in the input felds and then continue to the next question 395500226001 ul_ 418100] 409500 287000 25000014800 1225001 36500 [ 515001 78001 F ] 2500 [ 1443001 54000] 51500 5300 71000 85000 There is afn) total fexible-budget 2 of 4 (3 complete) es 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 $74 per tire 3 per tire. Actual results in August 2017 were 3,500 tires manufactured and sold at a selling price of $117 per tire. The actual total variable costs performance report that uses a flexible budget and a static budget. pr variances with a $ s, then complete the flexible budge ance is zero, do not select a label Requirements Actual Flexible-Budget Results Variances 1. Prepare a performance report that uses a fexible budget and a static budget. 2. Comment on the results in requirement 1. 3500 409500 287000 122500 51500 Print Done 5300 90300 71000 85000 rnment on the results in requirement 1 . 17 There is a(n) | total flexible-budget soet variance in operating income is s list or enter any number in the input fields and then continue to the next