Question 1 Sheridan Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,000 kits was prepared for the year. Fixed operating expenses account for 80% of total operating expenses at this level of sales. Sales Revenue Cost of goods sold (all variable) Gross margin Operating expenses Operating income $100,450 60,300 40,150 35,300 $ 4,850 Prepare a flexible budget based on sales of 1,430, 2,530, and 3,700 units. (Round unit values to 2 decimal places e.g. 15.25 and all other answers to O decimal places, e.g. 1525. If operating Income is negative, enter amounts using a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Unit 1,430 2,530 3,700 Click if you would like to show Work for this question: Open Show Work