Jay Banning, CEO and a major stockholder of Banning Incorporated, was unhappy with its operating results for the past year. The company manufactures two environmentally friendly industrial caliber cleaning machines used primarily in automobile repair shops, gas stations, and auto dealerships. The master budget and operating results for the year (000s omitted except for the selling price per unit) follow: Actual Sales Variable cost Contribution Fixed cost T10 $ 132,000 61,700 $ 70,300 10,000 540 $ 58,695 28,000 $ 30,695 10,000 Operating income Units sold $ 60,300 1,200 $ 20,695 1,505 Unit selling price Required: Budget T10 $ 105,000 50,000 $ 55,000 10,000 $ 45,000 540 $ 45,000 25,000 $ 20,000 10,000 $ 10,000 $ 100 $ 40 1. Compute the contribution margin flexible-budget variance, contribution margin sales volume variance, contribution margin sales quantity variance, and contribution margin sales mix variance for each product and for the firm. (Do not round Intermediate calculations and round your final answers to the nearest whole dollar amount.) Answer is not complete. T10 $40 CM Flexible budget variance $ 7,443 Favorable $ 3,939 Favorable CM Sales volume variance $ 7,857 Favorable $ 6,756 ( Favorable CM Sales quantity variance $ 25,586 Favorable $ 10,966 Favorable CM Sales mix variance Unfavorable Favorable ASS Total 11,382 Favorable 14,613 Favorable 36,552 Favorable Unfavorable