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The Amherst Company produces engine parts for car manufacturers. A new accountant intern at Amherst has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data (Click the icon to view the data.) Read the requirements Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is SO.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "o" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Flexible Results Variance Budget Units sold 110,000 Requirements Revenues (sales) S Variable costs 470,000 1. Calculate all the required variances. your work is accurate, you will find that Contribution margin 217.500 the total static-budget variance is $0.) 192.400 2. What are the actual and budgeted selling prices? What are the actual and Fixed costs budgeted variable costs per unit? S 25,100 3. Review the variances you have calculated and discuss possible causes and Operating income potential problems. What is the important lesson learned here? 687,500 Print Done Data table Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static Results Variances Budget 94,000 Units sold 110,000 Revenues (sales) 687 305,500 150,400 Variable costs 470,000 Contribution margin 217,500 192,400 155,100 130,000 Fixed costs $ 25,100 $ 25,100 Operating income Print Done