Exercise 16-29 (Algo) Profit Variance Analysis (LO 16-4) Osage, Inc., manufactures and sells lamps. The company produces only when it receives orders and therefore, has no inventories. The following information is available for the current month: Actual (based on actual orders for 463,000 units) $4,981,000 Master Budget (based on budgeted orders for 506,000 units) $5,060,000 Sales revenue Less Variable costs Materials Direct labor Variable overhead Variable marketing and administrative Total variable costs Contribution margin Less Fixed costs Manufacturing overhead Marketing Administrative Total fixed costs Operating profits 1,505,000 289,000 675,700 494,000 $2,963,700 $2,017,300 1,518,000 354,200 657,800 506,000 $3,036,000 $2,024,000 991,400 301,000 217,000 $1,509,400 $ 507,900 961,300 301,000 181,300 $1,443,600 $ 580,400 Required: Prepare a profit variance analysis for Osage, Inc. (Do not round intermediate calculations. 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.) OSAGE, INC. Profit Variance Analysis Marketing and Administrative Variances Actual Manufacturing Variances Sales Price Variance Flexible Budget Sales Activity Variance Master Budget $ 4,981,000 $ 5,060,000 Sales revenue ariable costs: Materials 1,505,000 1,518,000 354,200 Direct labor 289,000 Variable overhead 675,700 494,000 Variable marketing and administrative otal variable costs 657,800 506,000 $ 3,036,000 $ 2,024,000 2,963,700 $ 2,017,300 Contribution margin Fixed costs: 991,400 Manufacturing overhead Marketing Administrative 301,000 217,000 $ 1,509,400 $ 507,900 961,300 301,000 181,300 $ 1,443,600 580,400 otal fixed costs Operating profits