fill in the varience sheets based off of budgests

Master Budget Income Statement Detail 500 wrenches at $120 each Revenue Summary $60,000 COGS Materials Labor Variable OH Total Var. Contr. Margin Less: Fixed OH Net Income (500*2 lbs $1.5 per lbs) (500*3 labor hours $20) ($12,000/1500) $8 per labor hour $1,500 $30,000 $12,000 $43,500 $16,500 $8,000 $8,500 Flexible Budget Income Statement Detail 550 wrenches at $120 each Summary $66,000 Revenue COGS Materials Labor Variable OH Total Var. Contr. Margin Less: Fixed OH Net Income (550*2 lbs $1.5 per lbs) (550*3 labor hours $20) ($8 per labor hour for 1650 labor hours) $1,650 $33,000 $13,200 $47,850 $18,150 $8,000 $10,150 Actual Results Detail 550 units at $125 per unit Summary $68,750 Revenue 1,250 lbs at $1.40 per lbs 1.640 hours at $21 per hour COGS Materials Labor Variable OH Total Var. Contr. Margin Less: Fixed OH Net Income $1,750 $34,440 $11,890 $48,080 $20,670 $7,800 $12,870 -11 - A A A A . E E 21 x, * A-DAEEEE 1 - 1 Normal 1 No Spac. Heading 1 Heading 2 Title Subtitle l dl Subtle Em Emphasis - Paragraph Styles INTERFACE BETWEEN BUDGETS & VARIANCES ACTUAL RESULTS + MASTER (STATIC) BUDGE Total Variance FLEXIBLE BUDGET ACTUAL RESULTS MASTER (STATIC) BUDGET Flexible Budget Variance Sales Volume Variance Cost Variance Sales Quantity NA Sales Mix Variance Selling Price Variance Variance Marker Market Direct Costs Overhead Costs Share Materials Labor Variable Price Efficiency COMPREHENSIVE PROBLEMPART TWO REQUIRED: (1) Determine the variances (both S amount and For U for the bold-lettered variances. Enter the variance in the blank space. Price Efficieney Spending Efficiency Spending Volume