Homework: Chapter 16 & 17 Assignment Say Score: 0 of 3 pts 4 of 4 (1 complete) HW Score: 7.27%, 0.73 of 1 E23-17 (similar to) Question Help Top managers of Cole Industries predicted 2018 sales of 15,100 units of its product at a unit price of $6.00. Actual sales for the year were 14,900 units at $12.50 each. Variable costs were budgeted at $2.20 per unit, and actual variable costs were $2.30 per unit. Actual fix costs of $42,000 exceeded budgeted fixed costs by $5,000. Prepare Cole's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F/Unfavorable (U) input blank.) Cole Industries Flexible Budget Performance Report For the Year Ended December 31, 2018 1 2. 3 4 5 (3) - (5) Sales Budget Amounts Per Unit (1)-(3) Flexible Budget Variance Actual Volume Flexible Budget Static Budget Results Variance Units Sales Revenue Variable Costs Contribution Margin Choose from any list or enter any number in the input fields and then click Check