5. Teaparty is a small tax consulting firm offering its services to both corporate and private clients. Teaparty has installed a standard costing system whereby its CEO can analyze variances at the end of each year. The (static) budget for Year 2 is set equal to the actual data of Year 1. In Year 1, Teaparty served 250 clients, generating total revenues of $25,000. Its variable costs in Year 1 consisted of $15,000 professional labor costs, and $5,000 administrative support costs. Teaparty's fixed cost in Year 1 was $2,500. Teaparty's actual data for Year 2 is as follows: an actual number of 200 clients served resulted in actual revenues of $27,500; actual professional labor cost was $17,000; actual administrative support cost was $4,500; and actual fixed cost was $3,000. Required: Compute sales-volume variances and flexible-budget variances for revenues, professional labor costs, administrative support costs, and for fixed costs. Based on Year 1 Year 2 Static Budget SVV For U Flex. Budget FBV For U Actual Units (clients) 250 200 Revenues 25,000 27,500 Variable costs: Profess labor 15,000 17,000 Admin support 5,000 4,500 Contribution margin 5,000 6,000 Fixed cost 2,500 3,000 Operating income 2,500 3,000