E7-24 (similar to) Question Help The Richfield Company produces engine parts for car manufacturers. A new accountant intern at Richfield 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. (Click the icon to view the data.) Read the requirements. 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 SO balance, make sure to enter "O" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar) Actual Results 110,000 Flexible-Budget Variance Flexible Budget Units sold Revenues (sales) $ 687,500 475,000 Variable costs Contribution margin Fixed costs 212,500 184,100 28,400 Operating income $ Choose from any list or enter any number in the input fields and then click Check Answer. & Parts remaining Clear All Check Answer able is what remains of the data the icon to view the data.) requirements Data Table ont 1. Calculate all the required variances. (If your work is accurate, you will find that the total static the flexible budget columns, then the sales volume variance column. Label each variance as favora a label. Round your answers to the nearest whole dollar) Actual Flexible Flexible-Budget Variana Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Peru Sales-Volume Static i Requirements Actual Results 110,000 Variances Budget 99,000 (sales Units sold Revenues (sales) costs $ 316.800 687,500 475,000 on mal Variable costs 158,400 158.400 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? Contribution margin Fixed costs 212.500 184,100 130,000 incon 28.400 28.400 Operating income Print Done Print Done