Thornton Medical Equipment Company makes a blood pressure measuring kit. John Reisch 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. Complete this question by entering your answers in the tabs below. Calculate the variances. Note: Indicate the effect of each variance by selecting " F " for favorable, " U " for unfavorable, and "None" for no effect (I.e., zero variance). Thornton Medical Equipment Company makes a blood pressure measuring kit. John Reisch 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. Complete this question by entering your answers in the tabs below. Convert the static budget into a flexible budget. Note: Do not round intermediate calculations