The "Budget" column of a flexible budget report reflects: actual costs at the actual level of activity. actual costs at the budgeted level of activity. budgeted costs at the actual level of activity. budgeted costs at the budgeted level of activity. The "Budget" column of a static budget report reflects: budgeted costs at the actual level of activity. actual costs at the budgeted level of activity. actual costs at the actual level of activity. budgeted costs at the budgeted level of activity