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 2024: 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 marked wrong. 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. 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 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. Note: start with calculating the budget amounts, then calculate variances and choose appropriate descriptions of the variances. (For variances with a zero amount, make sure to include the result of " 0 " in the appropriate cell and leave the drop-down to identify the variance as either F or U blank.) Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the Instructions tab uni, will ho morkad urman Requirement 2 Calculate the Static Budget Variance for operating income, and label it as a F (favorable) or U (unfavorable) variance. (Always use cell references and formulas where appropriate to receive full credit.)