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Exercise 14-28 Generating a Flexible Budget; Spreadsheet Application (LO 14-3] Crane Corporation's master (static) budget for the year is shown below: $1,860,000 $ 168,000 450,000 240,000 858,000 $1,002,000 Sales (60,000 units) Cost of goods sold: Direct materials Direct labor Overhead (variable overhead applied at 40% of direct labor cost) Gross profit Selling expenses: Sales commissions (all variable) Rent (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-term fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income $ 167,400 40,000 30,000 92,000 77,000 50,000 456,400 545,600 $ Required: 1. During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,000 units. Prepare a flexible budget for this output level. Required 1 Required 2 During the year, the company manufactured and sold 55,000 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed 0 $ 0 Gross profit Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent 0 Depreciation Operating income $ 0 Required 1 Required 2 Now suppose that the actual level of output was 65,000 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed 0 $ 0 Gross profit Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent 0 Depreciation Operating income $ 0