As the new accountant for Cohen & Company, you have been asked to provide a succinct analysis of financial performance for the

year just ended. You obtain the following information that pertains to the company's sole product:

Required:

What was the actual operating income for the period?

What was the company's master budget operating income for the period?

$($a$)$ What was the total master budget variance, in terms of operating income, for the period? $($b$)$ Is this variance favorable or

unfavorable? $($If a variance has no amount, select "None" in the corresponding dropdown cell.$)$

The total master budget variance for a period can be decomposed into a total flexible budget variance and a sales volume variance.

$($a$)$ What was the total flexible$-$budget variance for the period? $($b$)$ Was this variance favorable or unfavorable? $($c$)$ What was the sales

volume variance for the period? $($d$)$ Was this variance favorable or unfavorable? $($If a variance has no amount, select "None" in the

corresponding dropdown cell.$)$