The following data were collected by Pete Inc. for the month of May: Static budget data:...

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The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs 11,000 units @ 38/unit $ 27.00 per unit $ 23,100 12,000 units @ $37/unit $ 28.80 per unit $ 22,100 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance).) Sales (units) Revenue Variable expenses Contribution margin Fixed expenses Income Pete Inc. Actual Flexible Budget Variance Static Budget Performance Report For the Month Ended May 31 Flexible Budget Sales Volume Variance Static Budget Static Variance 4. This part of the question is not part of your Connect assignment. The following data were collected by Pete Inc. for the month of May: Static budget data: Sales Variable costs Total fixed costs Actual results: Sales Variable costs Total fixed costs 11,000 units @ 38/unit $ 27.00 per unit $ 23,100 12,000 units @ $37/unit $ 28.80 per unit $ 22,100 Required: 1, 2 & 3. Prepare the static and flexible budgets and show the variances by completing the table given below. (Indicate the effect of each varlance by selecting "F" for favorable, "U" for unfavorable, and "None" for no effect (l.e., zero varlance).) Sales (units) Revenue Variable expenses Contribution margin Fixed expenses Income Pete Inc. Actual Flexible Budget Variance Static Budget Performance Report For the Month Ended May 31 Flexible Budget Sales Volume Variance Static Budget Static Variance 4. This part of the question is not part of your Connect assignment.