The third photo simply shows the options available in Drop Down boxes for question 2

Electrify My Wheels (EMW) performs electric vehicle conversions on customers' vintage sedans and utes. The company's budget for 2020 reveals 265 vehicle conversions were planned for the year, for a standard fee $13500 per vehicle. Standard (budgeted) inputs for each vehicle conversion are 17 hours of labour @ $48 per hour and $8400 in direct materials (for a conversion kit supplied by a third party). Indirect materials are applied at $23 per labour hour. The company has also budgeted for annual insurance $1000 and advertising $2000. Despite various business interruptions during the year, an analysis of accounting records at the end of 2020 revealed the company had used a total 5320 labour hours and performed 280 vehicle conversions. The general ledger revealed the following revenues and expenses had been incurred during the year: Mequired: Sales revenue v duantity variance Wages expenus - grice variance Tnitirwet materlals - price wariance Prices reflected unexpectedly complex conversions Employees were more productive than expected Creditors raised their prices during the year Discounts were offered to attract new customers Experienced staff were replaced with trainees More materials were used per conversion than expected Performed more conversions than expected Trainees were replaced with more experienced staff Purchased cheaper materials from a different supplier Materials were damaged or wasted in the production process Performed less conversions than expected None of these could explain the variance Rieculied Dalth ferensae - caantity qartante Wages expense-price varlance Direct materiale - eviantity varlance Indirect muterials a peice variance Required: 1. Use the information provided to prepare a budget, flexible budget and actual income statement in the table below ( 16 marks) Please round your answers to the nearest dollar. Show absolute values, do not use - sign for negative numbers. Choose "F" for favourable variances and where there is no variance, or " U " for unfavourable variances. You may need to scroll right to see all columns. Electrify My Wheels (EMW) performs electric vehicle conversions on customers' vintage sedans and utes. The company's budget for 2020 reveals 265 vehicle conversions were planned for the year, for a standard fee $13500 per vehicle. Standard (budgeted) inputs for each vehicle conversion are 17 hours of labour @ $48 per hour and $8400 in direct materials (for a conversion kit supplied by a third party). Indirect materials are applied at $23 per labour hour. The company has also budgeted for annual insurance $1000 and advertising $2000. Despite various business interruptions during the year, an analysis of accounting records at the end of 2020 revealed the company had used a total 5320 labour hours and performed 280 vehicle conversions. The general ledger revealed the following revenues and expenses had been incurred during the year: Mequired: Sales revenue v duantity variance Wages expenus - grice variance Tnitirwet materlals - price wariance Prices reflected unexpectedly complex conversions Employees were more productive than expected Creditors raised their prices during the year Discounts were offered to attract new customers Experienced staff were replaced with trainees More materials were used per conversion than expected Performed more conversions than expected Trainees were replaced with more experienced staff Purchased cheaper materials from a different supplier Materials were damaged or wasted in the production process Performed less conversions than expected None of these could explain the variance Rieculied Dalth ferensae - caantity qartante Wages expense-price varlance Direct materiale - eviantity varlance Indirect muterials a peice variance Required: 1. Use the information provided to prepare a budget, flexible budget and actual income statement in the table below ( 16 marks) Please round your answers to the nearest dollar. Show absolute values, do not use - sign for negative numbers. Choose "F" for favourable variances and where there is no variance, or " U " for unfavourable variances. You may need to scroll right to see all columns