The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. E (Click the icon to view the data.) Read the reguirements. Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a S0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Flexible Results Variance Budget Data Table Requirements Units sold 105,000 Revenues (sales) $ 672,000 Performance Report 435,000 1. Calculate all the required variances. (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 Variable costs Year Ended December 31, 2017 Contribution margin 237,000 Actual Flexible-Budget Flexible Sales-Volume Static 148.400 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? Fixed costs Results Variances Budget Variances Budget 88,600 Operating income Units sold 105,000 94,000 Revenues (sales) $ 672,000 319,600 Variable costs 435.000 141,000 Print Done Contribution margin 237,000 178,600 148,400 90,000 Fixed costs $ Operating income 88,600 $ 88,600 Print Done