RockChuck Company manufactures mountain bikes and has provided the following informs on for September 2022: 1. Prepare a flexible budget performance report. a. Compute operating income based on the static budget b. Compute the flexible budget based on actual units c. Compute operating income based on actual results d. Compute the flexible budget variances as absolute values and label them as F (favorable) or U (unfavorable) e. Compute the sales volume variances as absolute values and label them as F (favorable) or U (unfavorable) 2. Calculate the overall budget variance for operating income, and label it as F (favorable) or U (unfavorable) variance. 3. Explain these variances to your management team. Requirements 1. Prepare a flexible budgetperformance report, including the beading, Use the ABs function when calculating variances, and use the Ifop-down selections for F or U when describing the variances. 2 Calculate the overall budget variance for operatine income, and label it as a F (favorable) or U (unfavorable) variance. Flexible budget variance Sales volume variance 3 Explain these variances to your management team