Appendix: Mix and Yield Variances for Substitutable Inputs 7-24. FLEXIBLE BUDGET, WORKING BACKWARD. The Edinburgh Company produces engine parts for car manufacturers. A new accountant intern at Edinburgh has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. Units sold Revenues Variable costs Contribution margin Fixed costs Operating income Performance Report, Year Ended December 31, 2020 Flexible- Actual Budget Flexible Sales-Volume Results Variances Budget Variances 101,000 $681,750 404,000 277,750 220,350 $ 57,400 Static Budget 93,000 $334,800 167,400 167,400 110,000 $ 57,400 Required 1. Calculate all the variances in the preceding table. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here