Part 2: Workout Problems (3 qts 25 pts each - 75 pts) Questions 1-4) Please read the questions carefully and mark only THREE questions out of FOUR questions to answer. Show your works (formula, numbers, or computations) to get ull credit. You would get partial credits even for the incorrect answers based on your works provided. 1) Katy Co. budgeted to manufacture 40,000 units in year 2019 with variable costs of 10 per unit and total fixed costs of 400,000 as shown in the table below. The table also showed the actual results. Required: a) Fill out the black with appropriate term and numbers. Please also indicate if it is favorable (F) or unfavorable (U) ) ( Budget ) Master Budget Flexible C ( $930,000( Actual ( Results ) C ) 40,000 36,000 Sales Volume (in units) ) $1,000,000 400,000 600,000 C350,000 ) 250,000 Sales Revenues Less: Variable Costs 370,000 Contribution Margin 560,000 ) C ) C 340,000 3 Less: Fixed Costs 220,000( Operating Income b) What causes the variances, favorable or unfavorable? Comments on the results