Crane Corporation's master budget for the year is shown below. $ 2,178,800 $ 199,650 484,080 245,080 928,650 $ 1,249,350 Sales (60,580 units) Cost of goods sold: Direct naterials Direct labor Overhead (variable overhead applied at 384 of direct labor cost) Gross profit Selling expenses: Sales commissions (all variable) ) Rent (all fixed) Insurance (all short-term fixed) General expenses: Salaries (all short-tern fixed) Rent (all short-term fixed) Depreciation (all short-term fixed) Operating income $ 161,656 45,000 35,000 94,500 79,500 55,00 478,656 $ 778, 694 Required: 1. During the year, the company manufactured and sold 55,500 units of product. Prepare a flexible budget for this level of output. 2. Now suppose that the actual level of output was 65,500 units. Prepare a flexible budget for this output level. Complete this question by entering your answers in the tabs below. Required 1 Required 2 During the year, the company manufactured and sold 55,500 units of product. Prepare a flexible budget for this level of output. (Do not round intermediate calculations.) $ 1.998,000 $ 1,998.000 CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed Gross profit Less: Operating expenses Selling expenses: Sales commissions Rent Insurance General expenses: Salaries Rent Depreciation Operating income 0 $ 1.998,000 Now suppose that the actual level of output was 65,500 units. Prepare a flexible budget for this output level. (Do not round intermediate calculations.) CRANE CORPORATION Flexible Budget Sales Less: Cost of goods sold: Direct materials Direct labor Manufacturing overhead: Variable Fixed 0 0 $ Gross profit Less: Operating expenses: Selling expenses: Sales commissions Rent Insurance General expenses Salaries Rent 0 0 Depreciation Operating income $ 0