st K This question: 20 point(s) possible Sweeney Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,600 tires at a variable cost of $74 per tire and total fixed costs of $55,000. The budgeted selling price was $113 per tire. Actual results in August 2020 were 3,400 tires manufactured and sold at a selling price of $116 per tire. The actual total variable costs were $278,800, and the actual total fixed costs were $52,000. Read the equirements Requirement 1. Prepare a performance report with a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Units sold Revenues Variable costs Contribution margin Fixed costs Actual Results Flexible-Budget Variances Operating income Requirement 2. Comment on the results in requirement 1. The total static-budget variance in operating income is variance and a(n) manufactured and sold were primarily to the Flexible Budget Sales-Volume Variances Static Budget Submit test There is a(n) total flexible-budget sales-volume variance. The sales-volume variance arises solely because actual units than the budgeted 3,600 units. The flexible-budget variance in operating income is due in unit variable costs.

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