In Chapter 08, we learned about Flexible Budgets. Using the FLEXIBLE BUDGET sample in Chapter 08,, Section 8.1.2, Exhibit 8-3, as your guide, create a flexible budget with two levels of activity. At a minimum, each level of activity in your budget should have: Sales, Variable Costs, Contribution Margin, Fixed Costs, Operating Income. This is worth 15 points overall, 7.5 points for each level of activity. When your file is ready to submit, click on "Graded: Learning Unit 3, Ch 08 Flexible Budget" above. In the next screen, attach your file or type your submission in the space provided. If attaching a file, your submission must be in one of the following formats: Excel, Word or PDF. Begin a few days prior to the deadline so you can contact your instructor with questions. 8.1.2: Performance Reports Using Flexible Budgets For the Year Ended December 31, 2025 Budget Amounts per Unit Units (Batches of 100) 48,000 50,000 52,000 Sales Revenue $7.50 $360,000 $375,000 $390,000 Variable Costs: Manufacturing: Direct Materials 1.75 84,000 87,500 91,000 Direct Labor 3.00 144,000 150,000 156,000 Variable Overhead 0.75 36,000 37,500 39,000 Selling and Administrative: Supplies 5% of sales 18,000 18,750 19,500 Total Variable Costs 282,000 293,750 305,500 78,000 81,250 84,500 Contribution Margin Fixed Costs: Manufacturing Selling and Administrative Total Fixed Costs Operating Income 25,000 25,000 25,000 22,500 22,500 22,500 47,500 47,500 47,500 $ 30,500 $ 33,750 $ 37,000