Assume that in October 2019 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 1,100 units for $853 each. During this month, the company incurred $550,000 total variable costs and $181,800 total fixed costs. The master (static) budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a exible budget for the production and sale of1,100 units. 2. Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U). b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U). 3. Compute for October 2019: a. The total exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). b. The total variable cost exiblebudget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total xed cost flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U). Complete thls questlon by enterlng your answers In the tabs below. Required 1 Required 2 Required 3 Prepare a flexible budget for the production and sale of 1,100 units. Units sold Required 2 > Assignment #10 (Chapter 14) 0 Saved Help 2 Assume that in October 2019 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 1,100 units for $853 each. During this month, the company incurred $550,000 total variable costs and $181,800 total xed costs. The master (static) budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of1,100 units. 2. Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U). b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U). 3. Compute for October 2019: a. The total flexible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). D. The total variable cost flexiblebudget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total fixed cost exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U). Complete thls question by entering your answers In the tabs below. Required 2 Required 3 Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U)- b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U). Show lessA Operating income Contribution margin Save & Exit Submit Assume that in October 2019 the Schmidt Machinery Company (Exhibit 14.1) manufactured and sold 1,100 units for $853 each. During this month, the company incurred $550,000 total variable costs and $181,800 total xed costs. The master (static) budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of1,100 units. 2. Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U). b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable (F) or unfavorable (U). 3. Compute for October 2019: a. The total exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). b. The total variable cost flexible-budget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total xed cost exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U). Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute for October 2019: a. The total exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). b. The total variable cost exible-budget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total xed cost exible-budget (FB) variance. Indicate whether this variance was favorable (F) or unfavorable (U). d. The selling price variance. Indicate whether this variance was favorable (F) or unfavorable (U). . The total exible-budget (FB) variance . The total variable cost exible-budget variance . The total xed cost exible-budget (FB) variance . The selling price variance