Life-Cycle Pricing, Sales Price and Sales Volume Variances Data for Torleson Company are as follows: Budgeted price $15.00 Actual price $14.80 Budgeted quantity 1,450 Actual quantity sold 2,500 Required: 1. Calculate the sales price variance. 2. Calculate the sales volume variance. 3. Suppose that the product is in the introductory stage of the product life cycle. What information do these two variances provide to Torleson's managers? 4. Briefly explain how Torleson's management might benefit from the performance of diagnostic data analytics involving its sales quantities. (See Exhibits 2.5 and 2.6, for a review of data analytics types.) This question provide useful feedback regarding why Torleson's sales growth is occurring and whether it supports a growth possibility or simply a temporary spike in sales that is to sustain.