Assume that in October 2022 the Schmidt Machinery Company (Exhibis 14.1) manufactured and sold 970 units for $837 each. During this month, the company incurred $499,550 total variable costs and $180,200 total fixed costs. The master budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of 970 units. 2. Compute for October 2022: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorable. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. 3. Compute for October 2022: a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or unfavorable. Complete this question by entering your answers in the tabs below. Prepare a flexible budget for the production and sale of 970 units. Assume that in October 2022 the Schmidt Machinery Company (Exhibit 14.1 ) manufactured and sold 970 units for $837 each. During this month, the company incurred $499,550 total variable costs and $180,200 total fixed costs. The master budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of 970 units. 2. Compute for October 2022 : a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorable. b. The sales volume varidince, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. 3. Compute for Octobor 2022 : a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or unfavorabie. Complete this question by entering your answers in the tabs below. Compute for October 2022: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorabie. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. Required: 1. Prepare a flexible budget for the production and sale of 970 units. 2. Compute for October 2022: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable or unfavorable. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable or unfavorable. 3. Compute for October 2022: a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budgot variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or unfavorable. Complete this question by entering your answers in the tabs below. Compute for October 2022: a. The total flexible budget variance. Indicate whether this variance was favorable or unfavorable. b. The total variable cost flexible budget variance. Indicate whether this variance was favorable or unfavorable. c. The total fixed cost flexible budget varlance. Indicate whether this variance was favorable or unfavorable. d. The selling price variance. Indicate whether this variance was favorable or untavorable. Comparison of Actual and Budgeted Operating Income "U decotes an unfavorable effect on operating inecme. - F decetes a fascenble effect on operatiing inceme. 44. Actual fixed factory overhead coat =$130,650; actual fixed selting and adminutrative costs =$30,000. TBudpeted fixed fietory overtirad cost 5120,000, bud sered fixed seling and administeative coste = 530,000