Earle Soup Company makes three varieties of soups: Bean, Tomato, and Vegetable Sales volume for the annual budget is determined by estimating the total market volume for soups and then applying the company's prior year market share, adjusted for planned changes due to company programs for the coming year. Volume is apportioned among the three varieties of soup based on the prior year's product mix, again adjusted for planned changes for the coming year The following are the company budget and the results of operations for the most recent quarter Budget (all units and costs in thousands) Sales-units Sales-dollars Variable costs Contribution margin Hanufacturing fixed cost Product margin Harketing and administrative costs (all fixed) Operating profit Actual (all units and costs in thousands) Bean Tomato 30 cases $1,300 30 cases $2,600 940 2,000 Vegetable 60 cases 5:3,040 2,880 $420 200 260 5960 420 $140 $260 $540 $540 Sales-units Sales-dollars Variable costs Contribution margin Manufacturing fixed cost Product mareis Bran Tomato 24 cases 30 cases Vegetable 63 CASES $3,112 $2,000 $ 3,040 2.052 2,944 $100 $540 293 300 224 $400 Total 120 cases $7,000 5,000 $1,920 900 $.940 400 $ 540 Total 117 cases $7,552 $1,104 1,914 5.750 Budget (all units and costs in thousands) Sales-units Sales-dollars Variable costs Contribution margin Manufacturing fixed cost Product margin Harketing and administrative costs (all fixed) Operating profit Actual (all units and costs in thousands) Sales-units Sales-dollars Variable costs Contribution margin Bean Tomato 30 cases 30 cases $2,600 2,060 $1,360 940 $420 280 $140 $540 288 $ 260 Bean 24 cases Tomato 30 cases $1,112 752 $360 $2,600 2,052 $548 324 Vegetable 60 cases 5-3,840 2,880 $ 960 420 $540 Total 120 cases $7,000 5,880 51,920 900 $948 Vegetable 63 cases $ 3,040 2,944 400 $ 540 Total 117 cases 57,552 5,748 $ 1,006 1,014 Manufacturing fixed cost 5896 292 398 Product margin $68 224 $498 $790 Harketing and administrative costs (all fixed) 370 Operating profit $420 Industry volume for the quarter was estimated at 1.2 million cases for budgeting purposes. Actual industry volume for the quarter was 1140,000 cases Required: a. Determine the sales price and sales activity variances. b. Break down the sales activity variance into the parts caused by industry volume and market share Complete this question by entering your answers in the tabs below. Required A Required B Determine the sales price and sales activity variances. Note: Do not round intermediate calculations. Enter your answers in thousands. Indicate the effect of och varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales price variance Sales activity variance Required B> Required: a. Determine the sales price and sales activity variances. b. Break down the sales activity variance into the parts caused by industry volume and market share. Complete this question by entering your answers in the tabs below. Required A Required B Break down the sales activity variance into the parts caused by industry volume and market share. Note: Do not round intermediate calculations. Enter your answers in thousands. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Market share variance Industry variance