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P23-25A (similar to) Question Help England Technologies manufactures capacitors for cellular base stations and other communications applications. The company's July 2018 flexible budget shows output levels of 5,500, 7,000, and 9,000 units. The static budget was based on expected sales of 7,000 units. The company sold 9,000 units during July. Its flexible budget and actual operating income was as follows: E (Click the icon to view the flexible budget.) ! (Click the icon to view the income statement.) Read the requirements Requirement 1. Prepare a flexible budget performance report for July. (Enter a "O" for any zero balances. For any $0 variances, leave the Favorable (F)/Unfavorable (U) input blank.) England Technologies Flexible Budget Performance Report For the Month Ended July 31, 2018 (3) - (5) Sales Budget Amounts Per Unit (1)-(3) Flexible Budget Variance Volume Actual Results Flexible Budget Static Budget Variance Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income Data Table England Technologies Flexible Budget For the Month Ended July 31, 2018 Budget Amount per Unit 5,500 25 $ 137,500 $ 77,000 60,500 52000 Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income 7,000 175,000 $ 98,000 77,000 52.000 25,000 $ 9 ,000 225,000 126,000 99.000 52,000 47,000 en 8,500 $ Choose frond Requirements Data Table 1. Prepare a flexible budget performance report for July 2. What was the effect on England's operating income of selling 2,000 units more than the static budget level of sales? 3. What is England's static budget variance for operating income? 4. Explain why the flexible budget performance report provides more useful information to England's managers than the simple static budget variance. What insights can England's managers draw from this performance report? England Technologies Income Statement For the Month Ended July 31, 2018 Sales Revenue $ 232,000 Variable Expenses 131,000 Contribution Margin 101,000 Fixed Expenses 53,000 48,000 Operating Income Print Done Fixed Expenses Operating Income Print Done