PLEASE SHOW EXCEL FORMULAS!!

Instructions In this week's Excel assignment, you will need to prepare a static and flexible budget for a manufacturing company. You'll then need to prepare a performance report and calculate the flexible budget variances, sales volume variances and the total static budget variance. Notate each variable as favorable or unfavorable with an For U. Use cell references in all possible instances. Ensure your numbers are formatted properly using commas and dollar signs where applicable. Hint: Remember, the static budget variance is the total of the flexible budget variance and the sales volume variance. A B C D D E F G H J 1 2 3 4 5 Mountain Bags Co. manufactures hiking backpacks and has provided the following information for December 2022: 6 7 8 Static Budget Unit Sales Flexible Budget Unit Sales Sales Price Per Unit Variable Costs Per Unit Fixed Costs $ $ 15,000 14,500 45.00 15.00 $280,000 Prepare a static budget and flexible budget for Mountain Bags Co. Static Flexible 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Dec 2022 Budget Dec 2022 Performance Report + B D E F G H I J Column 1 Column 3 Column 5 Column 2 Col (1) - Col (3) Flexible Budget Variance Column 4 Col (3) - Col (5) Sales Volume Variance For U Flexible For U Static | Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income $ $ $ $ $ Actuals 14,500 729,000 247,800 481,200 292,400 188,800 Flexible Budget Variance Sales Volume Variance Static Budget Variance ? ? ? 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 Dec 2022 Budget Dec 2022 Performance Report