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The management of Rooney Modems, Inc. (RMI) is uncertain as to the volume of sales that will exist in 2017. The president of the company asked the chief accountant to prepare flexible budget income statements assuming that sales activity amounts to 7,000 and 11,000 units. The static budget is shown in the form below Required a. Complete the following worksheet to prepare the appropriate flexible budgets. b. Calculate and show the flexible budget variances for the static budget versus the flexible budget at 11,000 units. c. Indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) ROONEY MODEMS, INC Flexible Budget Income Statements Cost per Static Flexible Budgets Volume Variance 7,000 11,000 Number of units 9,000 120 1,080,000 Sales revenue Variable manufacturing costs 45 405,000 Materials 30 270,000 Labor 6 54,000 Overhead 8 72,000 Variable selling, general & administrative 279,000 Contribution margin Fixed costs: 63,000 Manufacturing rent 73,000 Depreciation on manufacturing equipment Selling, general & administrative expenses 92,100 25,000 Depreciation on administrative equipment Net income (loss) 25,900 (36,100) 87,900