Peboo Company's 2011 master budget included the following fixed budget report. it is based on an expected production and sales volume of 16,000 units Fixed Budget Report 31, 2011 $3,200,000 Sales Cost of goods sold Direct materials $ 990,000 240,000 60,000 315,000 210,000 230,000 2,045,000 Machinery repairs (variable cost) Depreciation plant equipment Utilities ($50,000 is variable) Plant management salaries 1,155,000 Gross profit Selling expenses Packaging Shipping Sales salary (fixed annual amount) 85,000 120,000 260,000465,000 General and administrative expenses Advertising expense Salaries 129,000 251,000 90,000470,000 S 220,000 Income from operations Pebco Company's actual income statement for 2011 follows. PEBCO COMPANY Statement of Income from Operations Pebco Company's actual income statement for 2011 follows. PEBCO COMPANY Statement of Income from Operations For Year Ended December 31, 2011 $3,863,000 Sales (19,000 units) Cost of goods sold Direct materials Direct labor Machinery repairs (variable cost) Depreciation-plant equipment Utilities (fixed cost is $157,500) Plant management salaries $1,190,625 294,000 63,250 315,000 215,875 240,0002,318,750 1,544,250 Gross proft Selling expenses Packaging Shipping Sales salary (annual) 98,188 135,500 278,000511,688 General and administrative expenses Advertising expense Salaries Entertainment expense 138,000 251,000 93,000 482,000 S 550,562 Income from operations Required: lDropere s fevible budget performance report for 2011. (Do not round your intermediate calcula Requlred: 1. Prepare 2011. (Do not round your Intermedlato and round your final answors to noarest dollar amount. Indicate the effect of each varlance by selecting "F for favorable, "U" for unfavorable, and "None" for no effect l.o, zoro varlance). Input all amounts as posltive values. Leave no cells blank be certain to enter "O" wherever required. Omit the "$" sign in your response.) a flexible budget performance roport for Flexible Budget Performance Report For Year Ended December 31, 2011 Actual Flexible Budget (Click to select) Variable costs (Click to select) (Click to select) (Click to select) (Click to select) (Cliak to select) (Click to select) (Click to solect) (Click to select) (Click to select) (Click to solect) (Click to select) 9 (Click to select) (Click to select) (Click to solect) Total variable costs (Click to select) (Click to select) Fixed costs (Click to select) (Click to select) (Click to select) (Click to selecty (Click to select) | ((Cick to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total foxed costs (Click to select)y Income from operations