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[LO 14-1, 14-2, 14-3, 14-6] 14-51 Master Budgets; Flexible Budgets; Operating Income Variance Analysis As part of its comprehensive planning and control system, Mopar Company uses a master budget and subsequent variance analysis. You are given the following information that pertains to the company's only prod- uct, XL-10, for the month of December. Required 1. Using text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. Round all entries to nearest whole number. Actual Results Flexible- Budget Varlances Flexible Budget Sales Volume Variances Unit sales Sales Variable costs Contribution margin Fixed costs Operating Income 100,000 $500,000 $375,000 $125,000 55,000 $ 70,000 Master (Static) Budget 90,000 $450,000 270,000 $180,000 75,000 $105,000 Part Three Operational-Level Control 2. Based on your completed profit report, determine the dollar amount, and label (F or U) each of the following variances for December: a. Total master (static) budget variance (also referred to as the total operating income variance for the period). b. Total flexible-budget variance. c. Sales volume variance, in terms of operating income. d. Sales volume variance, in terms of contribution margin. e. Selling price variance. EXHIBIT 14.4 Breakdown of Total Operating Income Variance SCHMIDT MACHINERY COMPANY Analysis of Financial Results For October 2019 (1) (2) Flexible-Budget Variances (3) Flexible Budget (4) Sales Volume Variances (5) Master (Static) Budget Actual Units 780 780 2200 1,000 $176,000U 99,000F Sales Variable costs Contribution margin Fixed costs Operating income $639,600 350,950 $288,650 160,650 $128,000 $15,600F 50F $15,650F 10.6500 $624.000 351,000 $273,000 150,000 $ 77,0000 0 $800,000 450,000 $350,000 150,000 $200,000 $ 5,000F $123,000 $ 77,000U Analysis of Total Operating-Income Variance Total operating-income variance** =$128,000-$200,000=$72,000U Flexible-budget variance =$128,000 $123,000 =$5,000F Sales volume variance =$123,000 - $200,000 =$77,000U *Budgeted fixed factory overhead cost = $120,000; budgeted fixed selling and administrative expense = $30,000. **Also called the total master (static) budget variance. Note: U denotes an unfavorable effect on operating income; F denotes a favorable effect on operating income