8:54 a chegg.com Problem Refer to the information in Problem 23-1B. Tohono Company's actual income statement for 2017 follows TOHONO COMPANY Statement of Income from Operations For Year Ended Docember 31, 2017 Sales (24,000 units Cost of goods sold 3,648,00 1.400,000 360,000 60,000 250,000 218,000 Direct materials.. Direct labor Machinery repairs (variable cost). Utlities (variable cost, $64,000) Plant manager salaries Gross profit Selling expenses 1,205,000 Packaging Shipping Sales salary (annual) 90,000 124,000 162,000 76,000 General and administrative expenses Advertising expense Salaries 104,000 232,000 Income from operations 393,000 .. Required 1. Prepare a flexible budget performance report for 2017 Analysis Component 2. Analyze and interpret both the (a) sales variance and (b) direct materials cost variance Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert Ask an expert 8:54 a chegg.com Problem Refer to the information in Problem 23-1B. Tohono Company's actual income statement for 2017 follows TOHONO COMPANY Statement of Income from Operations For Year Ended Docember 31, 2017 Sales (24,000 units Cost of goods sold 3,648,00 1.400,000 360,000 60,000 250,000 218,000 Direct materials.. Direct labor Machinery repairs (variable cost). Utlities (variable cost, $64,000) Plant manager salaries Gross profit Selling expenses 1,205,000 Packaging Shipping Sales salary (annual) 90,000 124,000 162,000 76,000 General and administrative expenses Advertising expense Salaries 104,000 232,000 Income from operations 393,000 .. Required 1. Prepare a flexible budget performance report for 2017 Analysis Component 2. Analyze and interpret both the (a) sales variance and (b) direct materials cost variance Step-by-step solution There is no solution to this problem yet. Get help from a Chegg subject expert Ask an expert