QUESTION 5 AMS Corporation has provided you with the following financial information related to its the cost and sale of one its products. Budgeted (Planned) (Static) Actual Sales Quantity in Units Sales Price Per Unit Direct Materials per Unit Direct Labor Per Unit Variable Manufacturing Factory Overhead per Unit Fixed Manufacturing Factory Overhead Fixed Selling Expense Fixed General and Administrative Expense Income Tax Expense* *Income Tax Expense has both a variable and fixed component (a mixed cost). Income Tax Expense is 10% on income before income 7,500 $29.00 $8.50 $6.25 $2.85 $16,000 S9,500 $13,000 10% + $1,500 10% + $1,400 7,000 $30.00 $9.00 $6.00 $3.00 $15,000 $10,000 $14,000 Tax Line Item plus a standard $1,500 flat fee. StaticFlexible Ac Budget Actual Budget Budget 7,000 Units Sales Revenue Direct Materials Direct Labor Variable MFOH Total Variable Costs Contribution Margin Fixed MFOH Fixed Selling Expenses Fixed G&A& Total Fix Costs Income before Income Tax Income Tax Expense Net Income 7,500 210,000E) 63,000 42,000 21,000 (G) 67,500 45, 000 15,000 10,000 14,00014, 39,000 15,000 000V $39,000$44,400 Z) I have provided you a partial template Performance Report with three budgets. The first budget is the Static (Planned) Budget, the second budget is the Flexible Budget and the last budget is the Actual Budget