Walsh Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 2017, it budgeted to manufacture and sell 3, 700 tires at a variable cost of $ 79 per tire and total fixed costs of $ 54,000. The budgeted selling price was $ 108 per tire. Actual results in August 2017 were 3,500 tires manufactured and sold at a selling price of $ 109 per tire. The actual total variable costs were $ 304,500, and the actual total fixed costs were $ 50,000.

motor racing circuit. For August 2017, t budgeted to manufacture and sell 3,700 tires at a variable cost of $79 per tre and total fixed costs of $54,000. The budgeted seling price was $108 per tire Actual results in August 2017 were 3,500 tires manufactured and sold at a selling price of $109 per tire. The achual total variable costs $50,000 were $304,500, and the actual total fxed costs ware Read the teavremens Requirement 1. Prepare a performance report that uses a flexible budget and a static budget Begin with the actual results, then complete the fexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a appropriate field. If the variance is zera, do not select a label $0 balanos, make sure to enter "O* in the Actual Flexible-Budget Flexible Sales-Volume Static Budget Results Budget Units sold Revenues Variable costs Contribution margin Fixed costs Operating income