Question Help Smith Enterprises manufactures tires for the Formula 1 motor racing circuit For August 2017. it budgeted to manufacture and sell 3.200 tires at a variable cost of $70 per fire and total fixed costs of $52,500. The budgeted selling price was $118 per tire. Actual results in August 2017 were 3,100 tires manufactured and sold at a selling price of $119 per time. The actual total variable costs were $235,000, and the actual total fed costs were $50,000 Read the requirements enter in the Requirement 1. Prepare a performance report that uses a flexible budget and a static budget. Begin with the actual result, then complete the flexible budget columns and the store budget columns Labelach variance as favorable or unfavorable. (For variance with a balance, make sure appropriate field. If the variance is zero, do not select a label Actual Flexible-Budget Flexible Ses Volume Site Results Variances Budget Variance Budget Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement1 There is no The total sa budget variance in operating income Choose from any list or enter any number in the input froids and then continue to the next to Save for Later ith Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3,200 tires geted selling price was $116 per tire. Actual results in August 2017 were 3,100 tires manufactured and sold at a selling price of $119 per sts were $50,000 ead the requirements. Static Actual Flexible-Budget Variances Flexible Budget Sales-Volume Variances Budget Results Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Requirement 2. Comment on the results in requirement 1. The total static-budget variance in operating income is $ There is a(n) total flexible-budget variance and a(n) sales-volume variance. The sales volume variance arises solely because actual units manufactured and sold were than the budgeted 3,200 units. The flexible-budget variance in operating income is due primarily to the in unit variable costs Choose from any list or enter any number in the input fields and then continue to the next question. Save for Later