Treanor Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3,600 tires at a variable cost of $76 per tire and total fixed costs of $53,000. The budgeted selling price was $113 per tire. Actual results in August 2020 were 3,500 tires manufactured and sold at a selling price of $114 per tire. The actual total variable costs were $287,000, and the actual total fixed costs were $50,500. Read the requirements. Requirement 1. Prepare a performance report with a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Units sold Revenues Variable costs Contribution margin Fixed costs Operating income $ $ Actual Results 3,500 399,000 287,000 112,000 50,500 61,500 Flexible-Budget Variances Flexible Budget Requirements 1. Prepare a performance report with a flexible budget and a static budget. 2. Comment on the results in requirement 1. Print Done

$287,000, and the actial total frod costs wese $50,500 Read the crecuremens Requirement 1, Prepare a performance report with a fiexible budigot and a statio budpot: Begin with the actual results, then conplein the flenible budgot columns and the static budget columns. Label each variance as favorabie or unfavorable. (For variances with a so balince, make sure Requirements 1. Prepace a pectomance report with a fexible budget and a static budget. 2. Conirent on the results in requirement 1