E Homework: Chapter 7 Homework Question 8, E7-21 (similar to) HW Score: 33.33%, 10 of 30 points Part 1 of 4 O Points: 0 of 2 Save 1- Smith Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020, it budgeted to manufacture and sell 3, 100 tires at a variable cost of $79 per tire and total fixed costs of $55,500. The budgeted selling price was $116 per tire. Actual results in August 2020 were 3,000 tires manufactured and sold at a selling price of $119 per tire. The actual total variable costs were $258,000, and the actual total fixed costs were $53,000. Read the requirements. Requirement 1. Prepare a performance report with a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual X Requirements Results Units sold Revenues 1. Prepare a performance report with a flexible budget and a static budget. 2. Comment on the results in requirement 1. Variable costs Contribution margin V Fixed costs Print Done Operating income Help me solve this Etext pages Get more help - Clear all Check