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Phone Technologies manufactures capacitors for cellular base stations and other communications applications. The company's July 2018 flexible budget shows output levels of 8,000, 9,500, and 11,500 units. The static budget was based on expected sales of 9.500 units. The company sold 11,500 units during July. Its flexible budget and actual operating income was as follows: (Click the icon to view the flexible budget) EEB (Click the icon to view the income statement) Read the requitements Requirement 1. Prepare a flexible budget performance report for July. (Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F)Unfavorable (U) input blank) Phone Technologies Flexible Budget Performance Report For the Month Ended July 31, 2018 4 5 2 (3)-(5) (1)-(3) Sales Flexible Budget Choose from any list or enter any number in the input fields and then click Check Answer - X fi Data Table Flexible Budget For the Month Ended July 31, 2018 Budget Amount per Unit 8,000 Units 9,500 11,500 Sales Revenue 22 $ 176,000 $ 209,000 S $ 253,000 120,000 142,500 172,500 Variable Expenses 15 Contribution Margin 66,500 56.000 80,500 53,000 53,000 53,000 Fixed Expenses 27,500 13,500 S 3,000 S Operating Income Done Print X Data Table 1 Phone Technologies Income Statement For the Month Ended July 31, 2018 260,000 $ Sales Revenue 177,700 Variable Expenses 82,300 Contribution Margin 54,500 Fixed Expenses 27,800 Operating Income Done Print Requirements 1. Prepare a flexible budget performance report for July 2. What was the effect on Phone's operating income of selling 2,000 units more than the static budget level of sales? 3. What is Phone's static budget variance for operating income? Explain why the flexible budget performance report provides more useful information to Phone's managers than the simple static budget variance. What insights can Phone's managers draw from this performance report? 4. Print Done Read the requirements Phone Technologies Flexible Budget Performance Report For the Month Ended July 31, 2018 2 3 4 5 (1)-(3) (3)-(5) Flexible Budget Sales Actual Budget Flexible Amounts Volume Static Variance Budget Variance Per Unit Results Budget Units Amounts Actual Budget Flexible Volume Static Per Unit Results Variance Budget Variance Budget Units Sales Revenue Variable Expenses Contribution Margin Fixed Expenses Operating Income Choose from any list or enter any number in the input fields and then click Check Answer. 5 parts remaining Check Answer Clear All LC