The performance of BlueStar Airlines for the most recent year, 2021, is shown in the following table: Actual Results @ Actual Prices Static Budget Variance Revenue ? $300,000,000 ? Variable expenses $200,000,000 195,000,000 $5,000,000 U Contribution Margin ? 105,000,000 ? Fixed expenses 87,000,000 80,000,000 $7,000,000 U Income ? $25,000,000 ? Note: the $195,000,000 in budgeted variable expenses includes $90,000,000 for jet fuel. The master budget had been based on a $0.20 revenue per passenger-kilometre. A passenger-kilometer is one paying passenger own one kilometre. An average airfare decrease of 8% had helped generate an increase in passenger-kilometre own that was 10% in excess of the master budget for the year. The price per ljtgeofjet fuel rose above the price used to formulate the master budget. The average jet fuel price increase for the year was 10%. 1. Prepare a summary report using the five-column approach (actual results, flexible-budget variances, flexible budget, sales-volume variances, static or master budget) to help the president of the airline understand 2021 performance. Show your detailed calculations. 2. Assume the jet fuel costs are purely variable and that the quantity of fuel used was at the same level of efficiency as predicted in the master budget. What part of the flexible-budget variance for variable costs is attributable to jet fuel expense? Explain