Whidbey Co.fixed budget for the year is shown below: 
Prepare a flexible budget for Whidbey Co.that shows a detailed budget for its actual sales volume of 42,000 units.Use the contribution margin format.
Definitions:
Long Run
A period of time in economics during which all inputs and factors of production can be adjusted, allowing for full industry adjustment to changes.
Production
The process of combining inputs to make goods or services.
LAC Curves
The Long-Run Average Cost curves, which show the minimum average cost of production at different levels of output.
LMC Curves
Abbreviation for Long-Run Marginal Cost curves, which represent the cost to produce one additional unit of goods when all inputs can be varied.
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