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PLEASE ANSWER ALL OF THE REQUIREMENTS WITH EXPLANATION FOR A THUMBS UP! THANK YOU ...

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Accounting

PLEASE ANSWER ALL OF THE REQUIREMENTS WITH EXPLANATION FOR A THUMBS UP! THANK YOU

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Melton Enterprises manufactures tires for the Formula I motor racing circuit. For August 2020 , it budgeted to manufacture and sell 3,100 tires at a variable cost of $77 per tire and total fixed costs of $52,000. The budgeted selling price was $108 per tire. Actual results in August 2020 were 2,800 tires manufactured and sold at a selling price of $110 per tire. The actual total variable costs were $238,000, and the actual total fixed costs were $49,000. Read the requirements. Requirement 1. Prepare a performance report with a flexible budget and a static budget. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable or unfavorable. (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.) Requirements 1. Prepare a performance report with a flexible budget and a static budget. 2. Comment on the results in requirement 1

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