High Flying Kites Inc. manufactures high performance stunt kites. The company's 2019 Master Budget was to sell 8,000 kites at a per unit selling price of $75. Budgeted costs for 2019 included $55 variable cost per kite and $100,000 of annual fixed costs. In 2019 the company sold 7,700 kites for a total revenue of $615,000. In 2019 the company incurred actual total variable cost of $433.250 and actual total fixed costs of $115,000. Required: Using the above information calculate the following variances below and indicate whether they are favorable or unfavorable. You can use a flexible budget template that we used in class to solve but it is not required to be completed) Show your calculations 1) What is the Total Variance for the contribution Margin Actual vs. Master Budget? Answer: 2) What is the Price (Rate) Spending Variance for the contribution Margin? Answer: 3) What is the Activity (Volume) Variance for the Net Income