Melton Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,500 tires at a variable cost of $79 per tire and total fixed costs of $54,000. The budgeted selling orice was $107 per tire. Actual results in August 2020 were 3,200 tires manufactured and sold at a selling price of $109 per tire. The actual total variable costs were $275,200, and the actual total fixed costs were $50,000. Requirements 1. Prepare a performance report with a flexible budget and a static budget. 2. Comment on the results in requirement 1