1 As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the year just ended. You obtain the following information that pertains to the company's sole product Units sold Sales Actual 35,000 Master Budget 40,000 $385,000 $460,000 Variable costs Fixed costs 215,000 148,125 275,000 Required: 140,000 1. What was the actual operating income for the period? 2. What was the company's master budget operating income for the period? 3. (a) What was the total master budget variance, in terms of operating income, for the period? (b) Is this variance favorable or unfavorable? (f a variance has no amount, select "None" in the corresponding dropdown cell.). 4. The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance. (a) What was the total flexible-budget variance for the period? (b) Was this variance favorable or unfavorable? (c) What was the sales volume variance for the period? (d) Was this variance favorable or unfavorable? (If a variance has no amount, select "None" in the corresponding dropdown cell.) 1. Actual operating income 2 Master budget operating income 3. Total master budget variance 4 Total flexible-budget variance Sales volume variance