Please fill in the blanks with variances in $ amount and F or U using the below sheet. Please show work.

PROBLEM - PART TWO SOLUTION SHEET FOR INTERFACE BETWEEN BUDGETS & VARIANCES ACTUAL RESULTS MASTER (STATIC) BUDGE Total Variance ACTUAL RESULTS FLEXIBLE BUDGET MASTER (STATIC) BUDGET Flexible Budget Variance Sales Volume Variance N/A Cost Selling Price Sales Mix Sales Quantity Variance Variance Variance Variance N/A N/A Direct Overhead Market Market Costs Costs Share Size Materials Labor Variable Fixed COMPREHENSIVE PROBLEM - PART TWO Price Efficiency+ REQUIRED: (1) Determine the variances (both $ amount and F or U for the bold-lettered variances. Enter Price Efficiency the variance in the blank space. Spending Efficiency N/A Spending VolumeTIDEWATER WRENCH COMPANY IN-HOUSE INCOME STATEMENTS (reasonable rounding off is OK) Actual Results Flexible Budget Master (Static) Budget Detail Summary Detail Summary Detail Summary Revenue 550 x 125 68750 Revenue 550 x 120 66000 Revenue 500 x 120 60000 COGS COGS COGS Materials 1250 x 1.40 1750 Materials 2 x 1.50 x 550 1650 Materials 2 x 1.50 x 500 1500 Labor 1640 x 21 34440 Labor 20 x 3 x 550 33000 Labor 20 x 3 x 500 30000 Variable OH 11890 Variable OH 8 x 1650 13200 Variable OH 8 x 1500 Total Var. 12000 48080 Total Var. 47850 Total Var. 43500 Contr. Margin 20670 Contr. Margin 18150 Contr. Margin 16500 Less: Fixed OH 7800 Less: Fixed OH 8000 Less: Fixed OH 8000 Net Income 12670 Net Income 10150 Net Income 8500