Perform: Instructions Prepare a performance report that uses a flexible budget and a static budget. (Always use cell references and formulas where appropriate to receive full credit.) a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or (unfavorable) when describing the variances. c. For variances with a zero amount, make sure to enter the result of "=0" in the appropriate cell and leave the drop-down to identify the variance as either For U blank. Total Points (United States C Focus MacBook Air BO 888 F4 FB oN H K M4 x f x Sweeney Enterprises manufactures tires for the formula i motor racing circuit. The compan A 6 C D E F G H I 1 Flexible Budgets, Direct-Cost Variances, and Management Control 2 Flexible Budget 3 Sweeney Enterprises manufactures tires for the Formula 1 motor racing circuit. The company's budgeted and 4 lactual amounts are as follows: Budgeted for August 2017 Units to manufacture and sell Variable cost per tire Total fixed costs Budgeted selling price per tire 3.600 $71 $55.000 $114 Actual Results for August 2017 Units manufactured and sold 3.500 Selling price per tire Total variable costs $280,000 Total fixed costs $51,000 $116 18 Use the blue shaded areas on the ENTERANSWERS tab for inputs. Always use cell references and formulas where appropriate to receive full cres 19 copy/paste from the instruction tab you will be marked wrong Prepare a performance report that uses a flexible budget and a static budget Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracte b. Use the ABS function when calculating variances, and use the drop down selections for F (favorable) or Ufunfavorable) when describing the variances For variances with a zero amount, make sure to enter the result of in the appropriate cell and leave the drop down to identify the variance as either For U bank 27 Saving & Submitting Solution 28 1 Suve file to desktop a. Create folder on desktop, and label COMPLETED EXCEL PROJECTS b. Save your solution in the folder you just created add-solution date to end of file name 31 2 Upload and submit your file to be graded Navigate back to the activity window screen where you downloaded the initial spreadsheet b Click Choose button under step locate the file you just saved and click Open Click Upload button under step 3 d. Click Submit button under step 4 INSTRUCTIONS ENTERANSWERS MacBook esc 2 C D 1 Prepare a performance report that uses a flexible budget and a static budget a. Enter all amounts as positive values. Do NOT use parentheses or a minus sign for amounts to be subtracted. b. Use the ABS function when calculating variances, and use the drop-down selections for F (favorable) or U 3 (unfavorable) when describing the variances c. For variances with a zero amount, make sure to enter the result of in the appropriate cell and leave the drop down to identify the variance as either For U blank (Always use cell references and formulas where appropriate to receive full credit. If you copy/paste from the 5 Instruction tab you will be marked wrong.) Fledble-Budget Variance Flexible Budget Sales-Volume Variances Actual Results Static Budget 8 Units sold 9 Revenues 10 Variable costs 11 Contribution margin 12 Fixed costs 13 Operating income INSTRUCTIONS ENTERANSWERS MacBoo esc