The following data were collected by Pete Inc. for the month of May: Static budget data: Sales 11,500 units (a 40// unit Variable costs $28.00 per unit Total fixed costs $24,150 Actual results: Sales 12,600 units @ $39/unit Variable costs $30.00 per unit Total fixed costs $23,050 Required: 1,2&3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, " U " for unfavorable, and "None" for no effect (i.e., zero variance).) Pete Inc. Static Budget Performance Report For the Month Ended May 31 Actual Flexible Budget Variance Flexible Budget Sales Volume Variance Static Budget Static Variance Sales (units) Revenue Variable expenses Fixed

The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs 11,500 units @ 40/unit $ 28.00 per unit $ 24,150 12,600 units @ $39/unit $ 30.00 per unit $ 23,050 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each variance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (i.e., zero variance).) Sales (units) Revenue Variable expenses Contribution margin Fixed expenses Income Pete Inc. Actual Flexible Budget Variance Static Budget Performance Report For the Month Ended May 31 Flexible Budget Sales Volume Variance Static Budget Static Variance