GZ Ltd operates in the high-technology energy solutions sector. The PV Division designs, manufactures and installs solar panel systems (also known as PV, photovoltaic panels). These systems are sold as either: small, medium or large systems. Small systems have a peak power generating capacity up to 100 kW (kilowatts, where one KW = 1000 watts); medium systems up to 1 MW (megawatts, where 1000 kilowatts = 1 megawatt); and large systems above 1 MW (megawatt). The following information relates to the planning and actual data for 2021. Note: sales volume and market data is reected in terms of power generating capacity (MWs) rather than number of units. (32 Urnited: PV Division Variance report Year ending 31 December 2021 I BUDGET variance FLEXEDBUDGETlvariance Operational Data Number of employees Key personnel Average Price Small Systems Medium Systems Large Systems Medium Systems Large Systems Sales Volume Small Systems Medium Systems _ Large Systems 3.12975 4.366752 __ Financial Data S'OOO 5'000 Total for PV Division sales revenue 25102.00 20970.20 21072.00 variable costs 48005.00 3507.41 44497.59 -1612.41 -16110.00 contribution 7097.00 624.38 6472.62 4510.62 4962.00 non-variable costs 2483.95 2483.95 248.40 -2732.35 operating profit 4613.05 3988.67 -1759.01 2229.66 Market Data 2020 2021 2021 actual planned actual _ Total market size (MW) actual planned actual Sales Volume: PV Division 10.9824 12.62976 10.76275 Note: some rounding has taken place PV Division Profit Variance Analysis Year ended 31 December 2021 Solar Panel (PV) Market Size (MW) 500 planned operating profit 4613.05 market size variance 1227.20 400 market share variance -2276.32 product mix variance 424.74 300 -624.38 price variance 101.80 200 variable cost variance -1612.41 non-variable cost variance -248.40 100 -1759.01 total variance -2383.39 actual operating profit 2229.66 2004 2006 2008 2010 2012 2014 2016 2018 2020 2022 2024 note: some rounding has taken place Year Which of the following statements is true with respect to the market size for solar panel systems: O The market size is increasing as the actual market size for 2021 was above the actual market size in 2020 O The market size is increasing as the actual for 2021 was above the budgeted for 2021 O The market size is increasing as the planned market size for 2021 is above the actual market size for 2020. O The actual market size in 2021 is lower than actual market size in 2020