Excel 4 Build a spreadsheet to solve this problem. You should have 3 tabs: Input, FB, and Variances. There should be no numbers keyed into the FB and variances reports. Use 'IF' formula for identifying favorable or unfavorable. Fence LLC makes and sells wooden fence posts for the agricultural industry. The company expected to produce and sell 12,000 posts during the year. Due to poor industry demand, only 9,000 posts were actually produced and sold during the year. The following information is made available: Production data Standard Actual $ $ Selling price per unit (i.e. per post) 70 65 Direct material cost per unit (i.e. total material cost per post) Direct labor cost per unit 16 20 20 10 Fixed costs: Fixed manufacturing overhead 170,000 190,000 Required: (a) Using the template below, prepare pro-forma income statements for the static budget, flexible budget and actual results for year ended December 31. Use your results to compute the flexible budget variances, indicating whether each variance is favorable or unfavorable. Fence LLC Income Statements for year ending 12/31 Units (posts) Sales Variable costs Direct materials Direct labor Contribution margin Fixed costs Fixed Manufacturing overhead Net Income/loss Static budget Flexible budget Actual results Flexible budget variances Favorable or unfavorable F or UF $ $ $ $