Titanium Blades refines titanium for use in all brands of razor blades. It prepared a static budget for the sales of 5,500 units. The following variances were observed: Actual Results Variances Units Sales $175,500 $27,000 Favorable Variable Expenses 84,300 12,800 Unfavorable Fixed Expenses 88,300 300 Unfavorable Net Income (loss) $2,900 $13,900 Unfavorable Determine the static budget and use the information to prepare a flexible budget and analysis for the 6,500 units actually sold. If no effect, select "No Effect" and leave the amount boxes blank. For those boxes in which you must enter negative numbers use a minus sign. (Example: -300). Static budget Flexible budget Actual Results Variances Units 5,500 6,500 Sales $ 148,500 $ 175,500 $ Favorable x Variable Expenses 71,500 X 84,500 Fixed Expenses 88,000 X 88,000 X Net Income (Loss) $ -11,000 $ 3,000 $