1. Fixed Budgets, Flexible Budgets and the Flexible Budget Performance Report: Jam J reports the following information for May 2020. Sales price Variable Costs Fixed Costs (total) Units produced and sold Budgeted $55 per unit $18 per unit $288,000 12,000 Actual $750,850 $240,300 $290,000 13,500 1. Prepare a flexible budget for May 2020 at the following levels of activity: 10,000 units; 12,000 units; 14,000 units; 16,000 units. 2. Prepare a 'Flexible Budget Performance Report' for May 2020 at the actual level of activity of 13,500 units, showing variances between the flexible budget (@13,500 units) and actual results at 13,500 units. List variable and fixed expenses separately, and indicate variances as favorable (F) or unfavorable (U). 3. Calculate the Sales Price Variance for May 2020