#1 Below are Rowing Oak Company's budget and actual results for the year. Required: Calculate the variances between actual and budget. Enter the amount and label as a favorable variance (F) or an unfavorable variance (U). How long did it take you to complete this exercise? Budget Actual Sales revenue 800,000 1,100,000 Variable mfg costs - Materials 120,000 170,000 - Labor 210,000 325,000 - Overhead 80,000 120,000 Variable S&A costs 130,000 190,000 Contribution margin 260,000 295,000 Fixed S&A costs 120,000 125,000 Net income 140,000 179,000 Variances Copyright 2021 McGraw-Hill Education. All rights reserved. No reproduction or distribution with the prior written consent of McGraw-Hill Education 7-2