Brabham Brabham Enterprises manufactures tires for the Formula 1 motor racing circuit. For August 20142014, it budgeted to manufacture and sell 3 comma 0003,000 tires at a variable cost of $ 74$74 per tire and total fixed costs of $ 54 comma 000$54,000. The budgeted selling price was $ 110$110 per tire. Actual results in August 20142014 were 2 comma 8002,800 tires manufactured and sold at a selling price of $ 112$112 per tire. The actual total variable costs were $ 229 comma 600$229,600, and the actual total fixed costs were $ 50 comma 000$50,000. Requirements 1. Prepare a performance report that uses a flexible budget and a static budget. 2. 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, 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.)