The following data were collected by Pete Inc. for the month of May: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$).)$

$\backslash$table$[[$Pete Inc.$],[$Static Budget Performance Report$],[$For the Month Ended May $31],[,$Actual,Flexible Budget Variance,$\backslash$table$[[$Flexible$],[$Budget$]],$Sales Volume Variance,Static Budget,Static Variance$],[$Sales $($units$)],[$Revenue$],[$Variable expenses$],[$Contribution margin$],[$Fixed expenses,,,,,,$]]$