What is the primary difference between a static budget and a flexible budget? The static budget includes only fixed costs while the flexible budget includes only variable costs. The static budget is prepared for a single level of activity while a flexible budget is adjusted for different activity levels. The static budget is prepared only for units produced while a flexible budget reflects the number of units sold. The static budget is constructed using input from only upper level management while a flexible budget obtains input from all levels of management. Sheffield Corp. prepared a 2022 budget for 114000 units of product. Actual production in 2022 was 210000 units. To be most useful, what amounts should a performance report for this company compare? The actual results for 210000 units with the original budget for 114000 units. The actual results for 210000 units with a new budget for 210000 units. The actual results for 210000 units with last year's actual results for 213800 units. All of these comparisons are equally useful. The master budget of Sheffield Corp. shows that the planned activity level for next year is expected to be 50000 machine hours. At thi: level of activity, the following manufacturing overhead costs are expected: A flexible budget for a level of activity of 60000 machine hours would show total manufacturing overhead costs of $1426000.$1380000.$1610000.$1656000. Under management by exception, which of the following differences between planned and actual results should be investigated? Material and noncontrollable. Controllable and noncontrollable. Material and controllable. All differences should be investigated. A company's planned activity level for next year is expected to be 100000 machine hours. At this level of activity, the company budgeted the following manufacturing overhead costs: A. flexible budget prepared at the 80000 machine hours level of activity would show total manufacturing overhead costs of $496000.$400000.$500000.$520000. Sheffield Corp. uses flexible budgets. At normal capacity of 25000 units, budgeted manufacturing overhead is: $92000 for variable costs and $180000 for fixed costs. If Sheffield had actual overhead costs of $245000 for 19000 units produced, what is the difference between actual and budgeted costs? $4920 favorable. $14760 unfavorable. $19680 favorable. $4920 unfavorable. Novak Possible Ine (NP} is a manufacturer of toaster owens. To improve control over operations, the president of NP wants to besin using a flecible budgeting system, rather than using only the current master budget. The following data are availabla for NP's expacted costs at production levels of 117,000,130,000, and 143,000 units. (a) Prepare a flexible budget for sach of the possible production levels: 117,000, 130,000, and 143,000 units. (List voriable costs before fored costs.]