Is the president's optimism justified? Prepare a revised performance report that uses a flexible budget and a static budget 7-23 Flexible budget preparation and analysis. Dartford Enterprises Ltd manufactures just one product line of scientific calculators for engineers. The current standard cost of one of the product is as follows: E10.50 13.80 6.70 Selling price Direct labor (15 minutes) 22.30 Direct materials (2 meters) 1 50 Contribution Fixed costs (based on the budgeted monthly output of 20,000 unit) Operating income Dhiring last month, der to expected fall in demand for the product, only 15,000 units were made and sold The actual results for last month were as follow 3.30 3:40 153.900 135,040 23160 Sales reven Less Direct labor (4,000 hours) Duet aterials 2.000 m Contribution Fixed costs Operating come 58.400 95,500 E67350 2150 pund 1. Prepare a static budget and variance analysis of last month's performance 2. Prepare a flexible budget-based vince analysis of last month's performance 1. Which department manager contributed the most to the success or failure of the budget during the month Explain your