Managers at Coronado, Inc. were cautiously optimistic about receiving their bonuses at year-end. Periodic communications from the top noted that the sales team had been exceeding targets throughout the year, which led to steady production activity to keep pace. Managers knew that a company profit margin of 14% meant bonuses for everyone. The production crew had been managing costs well but wasn't sure where final costs would land with the sales volume higher than planned. The following information outlines actual and budgeted results for the year. Prepare Coronado's flexible budget and actual income statement for the year. \begin{tabular}{|c|c|c|c|c|c|c|} \hline & Per unit & \multicolumn{2}{|c|}{ Actual } & \multicolumn{2}{|c|}{ Flexible Budget } & Per unit \\ \hline Sales volume & & & 51,800 & & 51,800 & \\ \hline Sales & $14.40 & $ & & $ & & $13.80 \\ \hline Variable costs: & & & & & & \\ \hline Direct materials & 2.80 & & & & & 2.70 \\ \hline Direct labor & 1.70 & & & & & 1.75 \\ \hline Variable-MOH & 1.40 & & & & & 1.40 \\ \hline Variable SG\&A & 0.50 & & & & & 0.50 \\ \hline Contribution margin & $8.00 & & & & & $7.45 \\ \hline \end{tabular} Fixed costs: Fixed-MOH Attempts: 0 of 2 use Determine the flexible budget variances and sales price variance, noting the amount and sign for each. Direct labor Variable-MOH Variable SG\&A Contribution margin Fixed costs: Fixed-MOH Fixed SG\&A Operating income $ Did the company hit its profit margin goal? (Round answers to 2 decimal places, e.g. 15.25% ) The company its 14% profit margin goal