Chapter 23 Using Excel P23-35 Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the following information for September 2018: Requirements the variances. 2. Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. Excel Skills 1. ABS function (Absolute Value) to calculate the variances. 2. Data validation to select a F (favorable) or U (unfavorable) variance 3. Cell references - both absolute and relative irement 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for F or U when describing the variances. rement 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance