E13-14 (similar to) Show Work Question Help * The Richfield Company produces engine parts for car manufacturers. A new accountant intern at Richfield has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2012. The following table is what remains of the data: EEB (Click the icon to view the data.) Requirements 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 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? Data Table Performance Report, Year Ended December 31, 2012 Actual Results Flexible-Budget Flexible Sales-Volume Static Variances Budget Variances Budget Units sold Revenues (sales $ Variable costs Contribution margin Fixed costs Operating income 125,000 716,000 490,000 226,000 221,500 4,500 95,000 304,000 199,500 104,500 100,000 4,500 PrintDone