KIWI COMPANY (A) Kiwi Company produces automobiles. It had budgeted sales and production of 10,000 cars for 2016 at a selling price of $5000 each. The company had budgeted the following costs for 2016: Standard Variable Manufacturing Costs per unit Fixed Manufacturing Overhead for year Selling and Admin Costs: Variable (per unit) Fixed (total for year) $4000 $3,000,000 $500 $1,000,000 The company actually sold 11,000 cars for $4800 each. Suppose that at the end of the year the financial results for the period are: Required Variable Manufacturing Costs Variable Selling and Admin Costs Fixed Manufacturing Costs Fixed Selling and Admin Costs $46,000,000 $3,500,000 $2,000,000 $1,200,000 1. What were budgeted profits for 2016? What were actual profits? What was the overall variance in profits? Did the company overall perform better or worse than expected? 2. Compute total master budgets and actuals for: (a) revenues (b) variable manufacturing costs (c) variable selling and admin costs' (d) fixed manufacturing costs (e) fixed selling and admin costs Which line items were responsible for the overall profit variance?