Required

Prepare a performance report that uses a flexible budget and a static budget.

Comment on the results in requirement $1.$

Requirement $1.$ Prepare a performance report that uses a flexible budget and a static budget.

Begin with the actual results, and then complete the flexible budget columns and the static budget columns. Label

each variance as favourable or unfavourable. $($For variances with a $$0$ balance, make sure to enter $"0"$ in the

appropriate field. If the variance is zero, do not select a label. Use parentheses or a minus sign when entering an

operating loss.$)$