P23-35 Using Excel to prepare a flexible budget performance report Pilchuck Company manufactures tote bags and has provided the following information for September 2018: Actual Results Static Budget Units 11,000 12,000 Sales Revenue 368,000 384,000 Variable costs 183,000 198,000 Contribution Margin 185,000 186,000 Fixed Costs 76,000 77,184 Operating Income 109,000 108,816 Requirements 1. Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and 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 (unfavorable) variance 3. Cell references - both absolute and relative Requirement 1 Prepare a flexible budget performance report, including the heading. Use the ABS function when calculating variances, and use the drop-down selections for ForU when describing the variances. Column 1 Column 2 Column 3 Column 4 Columns Col1)-Col2 Coll)-Col(5) Budget Flexible Amounts Budget Sales Volume per Unit Actual Results Variance For U Flexible Budget Variance For U Static Budget Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income Calculate the Static Budget Variance for operating income, and label it as a favorable) or Ufunfavorable variance Static Budget Variance for Operating Income (1) - 15) Amount: For U Requirement 2