D E F G H Flexible Budgets and Standard Cost Systems Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the following information for September 2018: Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Zariah James Operating Income Actual Results Static Budget 14,000 15,000 560,000 540,000 294,000 262,500 266,000 277,500 109,000 122,000 157,000 155,500 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab you will be mark B 9 Requirements 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. 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. 2 Excel Skills 3 4 25 26 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 27 28. 29 Saving & Submitting Chapter Excel Assignments 30 1. Save file. 31 a. You may want to create folder on desktop, and label COMPLETED EXCEL PROJECTS