Instructions Flexible Budget template Chapter 21 Using Excel P22-35 Using Excel to prepare a flexible budget performance report Pikchuck Company manufacturer ton hags and has provided the following information for September 2016: Actual Results Statie Budget Unite 11.0001 Sales Revete 384,000 Variable Costa 13.000 198,000 Contribution Margin TRS.CO 160.000 Fixed Costs 76.000 77.184 Operating Income 109.000 TON TO Requirements Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down elections for ForU when describing the variances 2. Calculate the Static Hudget Variance for operating income, and label it as a favorable) or Ufunfavorable) variance 1. ABS function(Absolute Value) to calculate the variances 2 Duta validation to select a favorable) o unfavorable) ariance Cell references both absolute and relative Instructions Flexible Budget template Chapter 21 Using Excel P22-35 Using Excel to prepare a flexible budget performance report Pikchuck Company manufacturer ton hags and has provided the following information for September 2016: Actual Results Statie Budget Unite 11.0001 Sales Revete 384,000 Variable Costa 13.000 198,000 Contribution Margin TRS.CO 160.000 Fixed Costs 76.000 77.184 Operating Income 109.000 TON TO Requirements Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down elections for ForU when describing the variances 2. Calculate the Static Hudget Variance for operating income, and label it as a favorable) or Ufunfavorable) variance 1. ABS function(Absolute Value) to calculate the variances 2 Duta validation to select a favorable) o unfavorable) ariance Cell references both absolute and relative