Generating a Flexible Budget; Spreadsheet Application Crane Corporation’s master (static) budget for the year is shown below: Required 1. During the year, the company manufactured and sold 55,000...

Generating a Flexible Budget; Spreadsheet Application Crane Corporation’s master (static) budget for the year is shown below:

Required 1. During the year, the company manufactured and sold 55,000 units of product. Prepare an Excel spreadsheet that contains a flexible budget for this level of output. Round all budget figures to nearest whole dollar.  2. Now suppose that the actual level of output was 65,000 units. Rerun your spreadsheet to generate a flexible budget for this output level. Round all budget figures to the nearest whole dollar.  3. Of what relevance is the notion of the “relevant range” when preparing pro forma budgets or a flexible budget for control purposes?