Sheridan Sports sells volleyball kits that it purchases from a sports equipment distributor. The following static budget based on sales of 2,500 kits was prepared for the year. Fixed operating expenses account for 75% of total operating expenses at this level of sales. Sales Revenue $ 240,000 Cost of goods sold (all variable) 142,500 Gross margin 97,500 Operating expenses 60,000 Operating income $ 37,500 Prepare a flexible budget based on sales of 1,200, 2,680, and 3,860 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).) Prepare a flexible budget based on sales of 1,200, 2,680, and 3,860 units. (Round unit values to 2 decimal places e.g. 15.25 and all other answers to 0 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 1,200 2,680 $ $ $ $ Variable expenses Operating income Fixed expenses Cost of goods sold Total variable expenses Operating expenses Contribution margin Sales revenue $ $ $ 2,680 3,860 $ $ $