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 companys sole product: Actual Master Budget Units sold 35,000 40,000 Sales $ 385,000 $ 460,000 Variable costs 215,000 275,000 Fixed costs 148,125 140,000 Required: 1. What was the actual operating income for the period? 2. What was the companys master budget operating income for the period? 3. (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.) 4. 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.)