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Vaughn, Inc. produces and sells lumbar support cushions for office chairs using a special foam that molds to a person's back. Since all products are made to order, the only inventory the company maintains is raw materials. Thus, all costs of production are recognized in the period in which they are incurred. The following annual performance report was prepared from the company's accounting records: Units sold Sales revenue Cost of goods sold Gross margin Selling and administrative expenses Operating income Actual 14,800 $3,034,000 2,064,980 969,020 288,625 $680,395 Budget 15,000 $3,000,000 2,075,000 925,000 290,000 $635,000 Variance 200U $34,000 F (10,020) F 44,020 F (1,375) F $45,395 F The following fixed costs are included in these amounts. Cost of goods sold Selling and administrative expenses Actual $195,000 140,000 Budget $200,000 140,000 Hank Martinez, Vaughn' CFO, used the following standard cost card in preparing the budget and thought he had done a good job estimating production and sales. He wonders why the variable cost of goods sold deviated from that budget. Direct material Direct labor Variable overhead Standard Quantity per Unit 5 yards 2.5 hours 2.5 hours Standard Price $10 per yard $16 per DLH $14 per DLH Total Cost per Unit $50 40 35 $125 Actual variable costs incurred during the year were as follows. Direct materials purchased and used (78,400 yards @ $9.80) Direct labor cost incurred (37,260 DLH @ $15.50) Variable overhead costs incurred $768,320 577,530 524,130 $1,869,980 Prepare a performance report that isolates Vaughn' flexible budget and sales volume variances. (Round answers to 0 decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter O for the amounts. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Actual Results Flexible Budget Variance Unit sales $ > $ $ eTextbook and Media Prepare a performance report that isolates Vaughn' flexible budget and sales volume variances. (Round answers to decimal places, e.g. 125. If variance is zero, select "Not Applicable" and enter Ofor the amounts. Enter negative amounts using either a negative sign preceding the number eg.-45 or parentheses eg. (45).) Flexible Budget Sales Volume Variance Static Budget $ > $ >