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 Units sold Variable costs Fixed costs Actual Budgeted 685.000 700,000 1,850.000 2.100.000 1.525,000 1,485.000 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 sold 685,000 OM 700,000 5 6.850.000 S OWS 7,000,000 Variable costs 1850,000 0x 2,100,000 Contribution margin 1,525.000 0 x 1,485,000 Operating income 5 OX For questions b. c. and d., do not use negative signs with your answers. Select either Ufor Unfavorable or Ffor Favorable using the drop down box next to each of your variance answers b. What is the static-budget variance of revenues? $ Units sold Revenues Variable costs Contribution margin Fixed costs Operating income 6850,000 $ 0 $ 7.000.000 1,850,000 Ox 2,100,000 OX 1535.000 O x 1,485 000 ONS OXOX For questions b..c, and d do not use negative signs with your answers. Select either 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? $ 0 XU c. What is the flexible budget variance for variable costs? $0 X F. d. What is the flexible budget variance for fixed costs? $ 0 * U Check