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: Sales Variable cost Contribution Fixed cost Operating income Units sold Unit selling price Actual T10 S40 $ 142,800 $ 59,046 61,400 18,600 $ 81,400 $ 40,446 10,000 10,000 $ 71,400 $ 30,446 1,200 1,514 Budget T10 S40 $ 114,000 $ 54,000 50,000 25,000 $ 64,000 29,000 10,000 10,000 $ 54,000 $ 19,000 $ 100 $ 40 Required: 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.) T10 S40 Total CM Flexible budget variance CM Sales volume variance CM Sales quantity variance CM Sales mix variance 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: Sales Variable cost Contribution Fixed cost Operating income Units sold Unit selling price Actual T10 S40 $ 142,800 $ 59,046 61,400 18,600 $ 81,400 $ 40,446 10,000 10,000 $ 71,400 $ 30,446 1,200 1,514 Budget T10 S40 $ 114,000 $ 54,000 50,000 25,000 $ 64,000 29,000 10,000 10,000 $ 54,000 $ 19,000 $ 100 $ 40 Required: 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.) T10 S40 Total CM Flexible budget variance CM Sales volume variance CM Sales quantity variance CM Sales mix variance