Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted 685,000 700,000 Variable costs 850,000 2,100,000 Fixed costs 525,000 1,485,000 Units sold a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below Actual Results Flexible Budget Static Budget Units sol Revenues Variable costs Contribution margin Fixed costs Operaing income For questions b., c, and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers. b. What is the static-budget variance of revenues? C.What is the flexible budget variance for variable costs? d. What is the flexible budget variance for fixed costs