Current Attempt in Progress Managers at Novak Inc were cautiously optimistic about receiving their bonuses at year end. Periocic commurications from the top noted that the sales team had been exeeeding targets throughout the year, which led to steady production activity to kesp pace Managers knsw that a compary profit margin of 1096 meant bonuses for everyone. The production crew had bese managing costs well but wasn't sure where final costs would land with the sales volume higher than planned. The following information outlines actual and budgated results for the year. (a) Prepare Novak's fleoble budget and actual income statement for the year. Varlable costs: Direct materials \begin{tabular}{|r|r|} \hline 3.40 & 177480 \\ \hline 1.75 & 91390 \\ \hline \end{tabular} 3.30 Direct labor 1.5076300 1.80 Variable-MOH 57.250.40 1.50 Variable SGGA Contribution margin Fored costs: Foxed-MOH Foxed SG6A Operatingincome eTextbook and Media Sove for Later Attempts: 0 of 2 used subelt Answer Determine the fleoble budget variances and sales price variance. noting the amount and sign for each. eTextbook and Media Attempts: 0 of (d1) Did the company hit its target profit margin? (Round answers to 2 decimal places, es. 15.25\%) The compary its 105 profit margin target