Miranda's Delight, Inc. operates a chain of cookie stores throughout Montreal. Budgeted and actual operating data of its downtown store for the year 2021 follows: Budget for the year 2021 Sales Revenue Variable Cost Contribution Volume Margin in Pounds Chocolate chip $202,500 $112,500 $90,000 45,000 Oatmeal raisin 125,000 67.500 57,500 25,000 Coconut $5,000 29,000 26,000 10,000 Contribution margin $173,500 Fixed costs 20,000 Operating income $153,500 Actual for the year 2021 Sales Revenue Variable Cost Contribution Volume Margin in Pounds Chocolate chip $259,200 $149,760 $109,440 57,600 Oatmeal raisin 93,600 52,200 41,400 18,000 Coconut 52,800 26,880 25.920 9,600 Contribution margin $176,760 Fixed costs 30.000 Operating income $146.760 Miranda Cooke, Corporate President and Chief Executive Officer, is puzzled that despite the marketing Vice-President's assurance that sales prices were kept under control during the year and the fact that actual sales volume had exceeded the budget, actual operating income fell short of the budgeted income. She also noticed that actual industry volume of 875,000 pounds was higher than the budget by 75,000 pounds. Required: Reconcile budgeted income with actual income by computing all meaningful variances by each product, wherever feasible, separately. (20 marks) b. Based on your analysis of the results for the year 2021, explain what could have caused the difference between the actual and budgeted income for the year, including comments on the impact of change in the overall market, and why? (6 marks)