CLICK HERE TO REVIEW LEARNING OBJECTIVES QUESTION 11 Not changed since last attempt Marked out of 70.00 Flag question Static and Flexible Budgets Graham Corporation used the following data to evaluate its current operating system. The company sells items for $10 each and used a budgeted selling price of $10 per unit. Actual Budgeted 1,180,000 1,200,000 Variable costs 2,200,000 2,400,000 1,875,000 1,837,000 Units sold Fixed costs a. Prepare the actual income statement, flexible budget, and static budget. Do not use negative signs with any of your answers below Actual Results Flexible Budget Static Budget Units sold 1,180,000 1,180,000 1,200,000 Revenues $1,180,000 1,180,000 1,200,000 Variable costs 2,200,000 Contribution margin Fixed costs 1,875,000 1,875,000 Operating income For questions b., c., and d., do not use negative signs with your answers. Select either U for Unfavorable or F for Favorable using the drop down box next to each of your variance answers