Using the FLEXIBLE BUDGET sample in Chapter 08, , Section 8.1.2, Exhibit 8-3, as your guide, create a flexible budget with two levels of activity.

At a minimum, each level of activity in your budget should have: Sales, Variable Costs, Contribution Margin, Fixed Costs, Operating Income.

This must be created in Excel with at least TWO cells containing functions/formulas doing the calculations

Exhibit M:8-3 Flexible Budget Exhibit M:8-3 Flexible Budget