Finance Organizer Printers Inc. produces luxury chequebooks with three cheques and stubs per page. Each chequebook is designed for an individual customer and is ordered through the customer's bank. The company's operating budget for September 2018 included these data: (Click the icon to view the operating budget and actual results.) The executive vice president of the company observed that the operating income for September was much less than anticipated, despite a higher-than-budgeted selling price and a lower-than-budgeted variable cost per unit. You have been asked to provide explanations for the disappointing September results. Finance Organizer develops its flexible-budget-based budgeted revenue per output unit and variable costs per output unit without a detailed analysis of budgeted inputs. Required Requirement 1. Prepare a Level 1 analysis of the September performance. Begin with the actual results, and then compute the static budget and the static-budget variances. Label each variance as favourable or unfavourable. (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Enter an operating loss with a minus sign or parentheses.) Actual Results Units sold 9,500 Revenues Variable costs Contribution margin Fixed costs Operating income . i Operating budget and actual results The budgeted amounts for September 2018 were: Number of chequebooks 15,000 Selling price per book $ 24 Variable costs per book $ 6 Total fixed costs for the month $ 145,000 The actual results for September 2018 were: 9,500 29.40 Number of chequebooks produced and sold Average selling price per book Variable costs per book Total fixed costs for the month $ $ 5 $ 148,000