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company sold 11,5c0 units during July. Its flexiale budget and actus operating income was as follows: (Click the icon to visw the flexibie budget) [Click the icon to view the income stetement? Heed the requirements. Requirement 1. Prepare a flexible buchet pertomence report for July. (Enter a "O' for any zero belences. For any $0 variences, leave the Favorable (F.NUnfavoreble \{U) ingut biank.) Data table Requirements 1. Prepare a flexible budget performance report for July. 2. What was the effect on Phone's operating income of selling 2,000 units more than the static budget level of sales? 3. What is Phone's static budget variance for operating income? 4. Explain why the flexible budget performance report provides more useful information to Phone's managers than the simple static budget variance. What insights can Phone's managers draw from this performance report? company sold 11,5c0 units during July. Its flexiale budget and actus operating income was as follows: (Click the icon to visw the flexibie budget) [Click the icon to view the income stetement? Heed the requirements. Requirement 1. Prepare a flexible buchet pertomence report for July. (Enter a "O' for any zero belences. For any $0 variences, leave the Favorable (F.NUnfavoreble \{U) ingut biank.) Data table Requirements 1. Prepare a flexible budget performance report for July. 2. What was the effect on Phone's operating income of selling 2,000 units more than the static budget level of sales? 3. What is Phone's static budget variance for operating income? 4. Explain why the flexible budget performance report provides more useful information to Phone's managers than the simple static budget variance. What insights can Phone's managers draw from this performance report