Wolverine's income statement showing the actual results of the second quarter 20XX is shown below. Wolverine Manufacturing Income Statement Second Quarter Wolverine's income statement showing the actual results of the second quarter 20XX is shown below. 1. Wolverine Manufacturing actually sold 7 aircraft during the second quarter 20xX. Create a flexible budget based on 7 aircraft; then enter the flexible budget data into column 2 of the performance report. 2. Calculate the variances between the planning budget and the flexible budget and enter the results in column 3 of the performance report. 3. The actual results from the first quarter income statement have been entered in column 4 . Calculate the variance between the actual results and the flexible budget. Enter the variance in column 5 of the performance report. 4. Determine whether each variance between the actual results and flexible budget is favorable or unfavorable. In column 6 of the performance report, enter F for favorable and U for unfavorable next to each variance