Exerclse 16-28 (Algo) Profit Varlance Analysis (LO 16-4) The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 278,500 units with revenues of $3,342,000. Total variable costs were budgeted at $1,949,500 and fixed costs at $964,000. During the period, actual production and actual sales were 255,700 units. The actual revenues were $3,446,000. Actual variable costs were $6.15 per unit. Actual fixed costs were $994,000 Required: Prepare a profit variance analysis. Note: 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. Exerclse 16-28 (Algo) Profit Varlance Analysis (LO 16-4) The master budget at Cherrylawn Corporation at the beginning of the year was based on sales of 278,500 units with revenues of $3,342,000. Total variable costs were budgeted at $1,949,500 and fixed costs at $964,000. During the period, actual production and actual sales were 255,700 units. The actual revenues were $3,446,000. Actual variable costs were $6.15 per unit. Actual fixed costs were $994,000 Required: Prepare a profit variance analysis. Note: 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