11. Calculate the market size variance. (0.5 marks)12. Calculate the planning variance for the operating income. (0.5 marks)13. Calculate the flexible budget variance for the operating income. (0.5 marks)14. Calculate the static budget variance for the operating income. (0.5 marks)

Exhibit 1 - Static budget data: Standard Deluxe Corporate Selling Price $450.00 $600.00 Direct Materials Cost 140.00 192.00 Direct Labour Cost 90.00 120.00 Contribution Margin $220.00 $288.00 Corporate Level Fixed Costs - Manufacturing $4,500,000 - SGA $1,750,000 Budget Sales 120,000 85,000 Budget Market Size 1,000,000 900,000 Direct Materials - Units per unit of output 7 8 - Cost per unit of input $20.00 $24.00 Direct Labour Hours per unit of output 3 4 - Cost per hour $30.00 $30.00 Exhibit 2 - Actual results data (June 30, 2022): Standard Deluxe Corporate Selling Price $440.00 $610.00 Direct Materials Cost 139.40 198.85 Direct Labour Cost 89.60 117.60 Contribution Margin $211.00 $293.55 Corporate Level Fixed Costs - Manufacturing $4,650,000 - SGA $1,800,000 Actual Sales Sales 115,000 88,000 Actual Market Size 1,100,000 880,000 Direct Materials - Units per unit of output 6.8 8.2 - Cost per unit of input $20.50 $24.25 Direct Labour - Hours per unit of output 2.8 4.2 Cost per hour $32.00 $28.00