Thornton Medical Equipment Company makes a blood pressure measuring kit. Jason McCoy is the production manager. The production department's static budget and actual results for Year 3 follow. Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Convert the static budget into a flexible budget, (Do not round intermediate calculations.) Required a. Convert the static budget into a flexible budget. b. Calculate the variances. Complete this question by entering your answers in the tabs below. Calculate the variances. (Indicate the effect of each variance by selecting " E " for favorable, "U" for unfavorable, and "None" for no effect (i.e,, zero variance).)