The budget report for 2022 is presented below. As shown the static income statement budget for the year is based on an expected 25.800 boarding days at $25 per mare. The variable expenses per mare per day were budgeted as follows: feed 55: veterinary fees $3: blacksmith fees $0 25; and supplies $0.55 All other expenses were either semi-fored or fixed During the year, management decided not to replace a worker who quit in March, but it did issue a new advertising brochure and entertained clients more Z-BAR PASTURES Static Budget Income Statement Year Ended December 31, 2022 Master Budget Actual Difference Number of mares 60 52 8 U Number of boarding days 25.800 22,400 3.400U Sales $645.000 $448 400 $196,600U Less variable expenses Feed 129.000 123 180 5.820 F 77400 69,429 7,971 F 6.450 5,881 569 F 14190 12,010 2 180 F 227,040 210,500 16,540 F Veterinary fees Blacksmith fees Supplies Total variable expenses Contribution margin Less fixed expenses Depreciation Insurance 417.960 237.900 180,060 U 47.000 47,000 0 0 13,000 13,000 0 Utilities 17 000 14,000 3,000 F Repairs and maintenance 13 000 12.000 1.000 F Labour 112.000 104000 8.000 F 9.000 14.000 5.000 U Advertisement Entertainment 6.000 8.000 2000 U Total fuced expenses 217.000 212000 5.000 F Net Income $200.960 $25.900 $175.0600 Prepare a flexible budget report for the year. (List variable costs before fred costs.If an answer is zero, please enter 0. Do not leave any fields blank) Z-BAR PASTURES Income Statement Flexible Budget Report December 31, 2022 F Un Neith nor Budget Actual D Variable Costs $ Entertainment Utilities Veterinary Fees Feed Depreciation Supplies Sales Labour Total Variable Costs Insurance Total Fed Costs Contribution Margin Variable Costs Blacksmith Fees Net Income Repairs and Maintenance Livelot Activity Advertisement Feed Costs