3. ABC Company has the master/static budget and actual of operating result (2015) as shown beloW. ABC Company Operating Results For year 2015 Master Budget 20,000 1,000,000 500,000 Actual Variance Units sold Revenue Variable cost Variable production overhead 15,000 742,500 390,000 160,000500 32,500 F 225,000 5,000 U 257,500 U 110,000 F 115,000 U 5,000 F 110,000 U Contribution margin Fixed production overhead Operating income 340,000 150,000 190,000 45,000 80,000 3.1 Prepare a flexible budget for ABC Company for vear 2015 and determine the variance between the flexible budget and actual cost for each cost item 3.2. What is the flexible budget variance? What is the sales volume variance? 3.3 What is the fixed-overhead budget variance? What is the fixed-overhead volume variance