PART d (15 points) GVT Co. uses flexible budgets to control its selling expenses. Monthly sales are expected to be from $300,000 to $360,000. Variable costs and their percentage relationships to sales are: Sales commissions Advertising Traveling Delivery 5% 4% 7% 2% Fixed selling expenses consist of sales salaries $40,000 and depreciation on delivery equipment $10,000. The actual selling expenses incurred in February, 2022, by GVT are as follows: Sales commissions Advertising Traveling Delivery $17,200 12,000: 23,700 2,400 Fixed selling expenses consist of sales salaries $41,500 and depreciation on delivery equipment $10,000. Instructions 1. Prepare a flexible budget performance report for GVT assuming that February sales were $330,000. You should specify whether differences are favorable or unfavorable. (10 points) 2. Indicate the steps to be followed in developing a flexible budget. (4 points) 3. Shah Rahman is studying for an accounting examination. Explain to Shah the difference between controllable and non-controllable costs. Provide examples to support your answer. (3 points)