Smith Recliners manufactures leather recliners and uses flexible budgeting and a standard cost system. Smith allocates overhead based on yards of direct materials. The company's performance report includes the following selected data:

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Read the requirements.

Requirement $1.$ Prepare a flexible budget based on the actual number of recliners sold. $($Round budget amounts per unit to the nearest cent.$)$

$\backslash$table$[[,\backslash$table$[[$Smith Recliners$],[$Flexible Budget$],[$Budget$],[$Amounts$],[$per Unit$]]],[$Actual Units $($Recliners$),],[$Sales Revenue,$],[$Variable Manufacturing Costs:,$],[$Direct Materials,$],[$Direct Labor,$],[$Variable Overhead,$]]$

Fixed Manufacturing Costs:

Fixed Overhead

Total Cost of Goods Sold

Gross Profit