KITCHEN PRO GmbH is a successful German-based multinational provider of high-end integrated kitchen systems. KITCHEN PRO purchases microwaves, ovens, refrigerators etc., and sells them to household consumers worldwide. KITCHEN PRO reports its financial statements in Euro (). In early 2020 KITCHEN PRO is considering an acquisition of a Singapore-based company, ACE, because it wishes to fully control ACEs wafflemaker and frying pan production and sales. KITCHEN PRO wants to include ACEs products in its integrated kitchen offerings. In particular, KITCHEN PRO plans to sell ACEs products exclusively as part of its kitchen systems, i.e. there shall be no external sales of ACEs wafflemakers and frying pans following such an acquisition

Early in the year 2019 ACEs full year aggregate forecasted i.e. budgeted Sales Revenue included, among others, wafflemakers sales projection i.e. budget of 400.000 wafflemakers at an average selling price of S$100 per unit. Now suppose that at the end of 2019 ACE achieved S$37,8 million Sales Revenue for wafflemakers, at an average price of S$90 per unit. Comparing the budgeted and actual sales and revenues of wafflemakers for 2019, (i) what is the revenue variance, the selling price variance and the sales margin volume variance for wafflemakers for 2019? (ii) Are these variances favorable or adverse? (iii) Who should be rewarded or warned for these sales results?