4. (15 pts.) The president of a company was given the following data: Actual 18.000 Units Sales Variable costs Contribution margin$126,000 Fixed costs Operating income $360,000 234,000 76.000 $50,000 Flexible Budget for Static Budget Actual Sales Activity 16,000 $320,000 192,000 $128,000 80,000 $48,000 18,000 $360,000 216.000 $144,000 80,000 $64.000 The president was happy because the static budget variance was 2,000F. Was he correct, and if not, why?