-25 (similar to) Lusler, Inc produces the basic ilings used in many popular frazen desserts and treats-vanilla and chocolate ice creams, puddings, meringues, and fudge. Luster uses standard costing and carries over no inventory from one month to the next The ice-cream product group's results for June 2017 were as follows EE (Click the icon to view the resuts ) Read the equements Requirements 1 and 2. Calculane the statio-budget variance in unts revenses, variable manufacturing cests, and contreution margin. What percentage is each static-budget varlance relative to iRs statice budget amount? Break down each staric-budget variance into a feble-budget variance and a sales-volume variance e n with the fleiitle buo et colums then ww in the sales volu ne variance d static budget variances Finaay compte te static budget vararce as a percentage of the static budget Label each waiance as favorable urdavoratie (U) (yorwuw ces a $0 b.ance, make wre to T ne appropriate Seld "the variance himo, do not select a label Round ddar "mouts ho iha nearest whole dollarandpecentages to two lei nal places, XXX% ) or esible ActualBudgetFlexible ResulsVariances udget Uniks (pounds) Revenuer hoose from any ist or enter any number in he input fields and then cick Check Answer E7-25 (similar to) Luster, Inc. produces the basic illings used in many popular frozen d month to the next. The ice-cream product group's results for June 20 (Click the icon to view the results.) Data Table Read the requirements Performance Report, June 2017 Actual Static Begin with the flexible budget columns, then enter in the sales volum unfavorable (U) (For variances with a $0 balance, make sure to ente decimal places. X X% ) Results Budget 390,000 380,000 Units (pounds) Flexible- Revenues $ 2,203,500 S 2,166,000 1423500 1.368,000 Actual Budget Flexible 1,423,500 Variable manufacturing costs Results Variances Budget 780,000 $ Contribution margin Units (pounds) Joe Finn, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up. Unfortunately, variable manufacturing costs went up, too. The bottom line is that contribution margin declined by $18,000, which is less than 1% of the budgeted revenues of $2,166.000. Overall, Finn feels that the business is running fine. Revenues Variable mfg. costs Contribution margin Choose from any list or enter any number in the input fields and t Print Done 5 Requirements Calculate the static-budget variance in units, revenues, variable manufacturing costs, and contribution margin. What percentage is each static-budget variance relative to its static-budget amount? 1. Break down each static-budget variance into a flexible-budget variance and a sales-volume variance. 2. 3. Calculate the selling-price variance. 4. Assume the role of management accountant at Luster. How would you present the results to Joe Finn? Should he be more concerned? If so, why? Print Done