budgeted at $2.80 per unit, and actual variable costs were $2.90 per unit. Actual fixed costs of $46,000 exceeded budgeted fixed costs by $4,500. Prepare Cole's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F/Unfavorable (U) input blank.) Cole Industries Flexible Budget Performance Report For the Year Ended December 31, 2024 1 2 3 4 5 (1)-(3) Flexible (3) - (5) Budget Amounts Sales Actual Budget Flexible Volume Per Unit Results Variance Variance Units Sales Revenue 14,300 7.00 $ 150,150 $ 2.80 41,470 Static Budget 14,600 102,200 40,880 Budget 14,300 100,100 $ 40,040 50,050 F $ 2,100 U $ 1,430 U 840 F Variable Costs Contribution Margin 108,680 48,620 F 60,060 1,260 U 61,320 Fixed Costs Operating Income Get more help Clear all Check