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Fun Freight Company's general manager reports quarterly to the company's president on the firm's operating performance. The company uses a detailed budget based on detailed expectations for the forthcoming quarters. The general manager has just received the condensed quarterly performance report shown below: Although the general manager was upset about not obtaining enough revenue, she was happy that her cost performance was favorable; otherwise, her net operating income would be even worse. The president, however, was totally unhappy and remarked, "I can see some merit in comparing actual performance with budgeted performance because we can see whether actual revenue coincided with our best guess for budget purposes. But I cannot see how this performance report helps me report cost control performance." Required: 1. Prepare a column-wise flexible budget at revenue levels $7,000,000,$8,000,000, and $9,000,000. Assume that the prices and mix of products sold are equal to budgeted prices and mix. 2. Prepare a condensed table showing the static budget variance (Static vs. Actual) and the flexible budget variance (Flexible vs. Actual). Comment on your findings