Prepare a flexible budget performance report for the year using the contribution margin format on the appropriate tab of your working papers. You will be flexing the budget to a sales level of 21,000. Be sure to complete all columns provided. Be sure to answer the questions below the chart in your working papers.

$651,000 Prepare a flexible budget performance report for the year using the contribution margin format on the appropriate tab of your working papers. You will be flexing" the budget to a sales level of 21,000. Be sure to complete all columns provided. Be sure to answer the questions below the chart in your working papers. Sales (20,000 units; $31.50 per unit) $630,000 The company's actual activity for the year follows: Cost of sale: Sales (21,000 units) Direct materials $210,000 Cost of goods sold: Direct labor 168,000 Direct materials $231,000 Variable overhead 63,000 Direct labor 168,000 Fixed overhead 80,000 500,000 Variable overhead 73,500 Gross Profit 77,500 $130,000 Fixed overhead Operating expense: Gross Profit Fixed Operating expense: $12,000 Fixed $12,000 Variable 40,000 62,000 Variable 39,500 Income from operations $78,000 Income from operations 550,000 $101,000 51,500 $49,500 Favorable (F) Vs. Unfavorable Front Range Furniture Flexible Budget Performance Report Sales in Units Flexible Budget per Unit 20,000 Budget 21,000 Actual 21,000 Variance 0 Neutral $ 31.50 0 F 0 D 0 0 Sales in Dollars Variable costs: Direct materials Direct labor Variable overhead Variable operating expenses Total Variable Costs Contribution Margin Fixed costs: Overhead Operating expenses Total fixed costs Income from Operations 0 D 0 0 0 0 Amount Favorable vs. Unfavorable 0 Selected Variance Analysis Variable Cost Variance Fixed Cost Variance Total Cost Variance Sales Revenue Variance Average Sales price per unit Variance Neutral 0 0 0 0 0 0 0 0