Case: Martha's Vineyard At the beginning of 2018, Martha Seward, principal shareholder of Martha's Vineyard, a maker of fine ice wines, set a goal of selling 22,000 bottles of ice wine. Market research showed that each bottle would sell at a price of $95 per bottle. Given that the variable cost per bottle was projected to be $53 per bottle, and fixed costs were predicted to be $250,000, Martha felt confident that her vineyard would be profitable in the 2018 FY. Indeed, her accountant predicted that the vineyard's net profit margin would come in at the mid 32% range. During the year, the vineyard sold 23,000 bottles of ice wine as the grape crop and market demand was higher than expected. Fixed costs remained stable at $250,000 for the year. However, variable costs were higher than expected given the required overtime needed to process the abundant grape crop, and higher labour costs related to bottling processes. The following table provides a brief overview of the vineyard's 2018 results: Sales Total Variable Costs Total Fixed Costs Actual 2018 Financial Results $2.5 million $1.35 million $250,000 Complete a variance analysis of Martha's Vineyard. Did the vineyard achieve its predicted net profit margin? Why or Why not? Given your variance analysis what factors contributed to the vineyard achieving or not achieving its financial targets