Ii. What is the total variance between the iierrihie budget contribution margin and the actual contribution margin in the new report prepared for part m? Calculate the total contribution margin variance lav computing the following variances. {Assume that all materials are used in the month of purchaseJL {Do not round your intermediate calculations. Indicate the effect of each variance by selecting l*Favorehie' or lUnfavorable". Select "hilarire"I and enter '0' for no effect [I.e.. zero veriencei.) __ ___ ___ __ __ __ ___ l_- Flexible Budget Actual Variance Units (in pounds) Revenue Direct material Direct labor Variable overhead Total variable costs Contribution margin2. What is the total contribution margin in the flexible budget column of the new report prepared for part (1)? (Do not round your intermediate calculations. Round your final answer to the nearest whole dollar amount.} Total contribution marginJustine Madison, president of the company, is disappointed with the results. Despite a sizable increase in the number of cookies sold, the product's expected contribution to the overall profitability of the firm decreased. Madison has asked Blair to identify the reason why the contribution margin decreased. Blair has gathered the following information to help in her analysis of the decrease. Usage Report for February Cost Item Quantity Actual Cost Direct materials: Cookie mix 2,425,000 oz. $ 72,750 Milk chocolate 1,390.000 oz. 291,900 Almonds 250,000 oz. 127.500 Direct labor: Mixing 235,000 min. 56.400 Baking 417,800 min. 125,340 Variable overhead 441,245 Total variable costs $ 1,115.135 Case 11-55 Part 1 Required: 1. Prepare a new contribution report for February. in which: The static budget column in the contribution report is replaced with a flexible budget column. .The variances in the contribution report are recomputed as the difference between the flexible budget and actual columns. (Do not round your intermediate calculations. Indicate the effect of each variance by selecting "Favorable" or "Unfavorable". Select "None" and enter "0" for no effect (i.e., zero variance).)Required information Case 11-55 Comprehensive Variance Analysis Used to Explain Operational Results; Review of Chapters 10 and 11; Activity-Based Costing: Sales Variances (Appendix B) (LO 11-4, 11-5, 11-7, 11-9) [The following information applies to the questions displayed below] Colonial Cookies, Inc, bakes cookies for retail stores. The company's best-selling cookie is chocolate nut supreme which is marketed as a gourmet cookie and regularly sells for $9.00 per pound. The standard cost per pound of chocolate nut supreme, based on Colonial's normal monthly production of 210,000 pounds, is as follows: Total Cost Item Quantity Standard Unit Cost Cost Direct materials: Cookie mix 10 oz. 103 per oz. $ .30 Milk chocolate 5 OF 16 per oz. 80 Almonds 1oz 51 per oz. 51 $ 1.61 Direct labor." Mixing 1 min. 14 40 per hr. $ 24 Baking 2 min. 18.00 per hr. GO $ 84 Variable overheadt 3 min. 32 40 per direct-labor $ 1.62 hr. Total standard cost per $4.07 pound