Please use labels provided. Contribution margin analysis has 14 rows.

Instructions Farr Industries Inc. manufactures only one product. For the year ended December 31, the contribution margin increased by $42,020 from the planned level of $1,368,340. The president of Farr Industries Inc. has expressed concern about such a small increase in contribution margin and has requested a follow-up report The following data have been gathered from the accounting records for the year ended December 31 Difference Increase (Decrease) Actual Planned Sales 2,782,080.00 $2,758,750.00 $23,330.00 3 Variable costs: 1,081,920 Variable cost of goods sold Variable selling and administrative expenses 1,147,640.00 $(65,720.00) 47,030.00 1,371,720.00 $1,390,410.00 $(18,690.00) 289,800.00 242,770.00 6 Total variable costs Required 1. Prepare a contribution margin analysis report for the year ended December 31. Refer to the lists of Labels and Amount Descriptions for the exact wording of the answer choices for text entries. Be sure to complete the statement heading. A colon () will automatically appear if it is required. For those boxes in which you must enter subtracted or negative numbers use a minus sign 2. At a meeting of the board of directors on January 30, the president, after reviewing the contribution margin analysis report, made the following comment "It looks as if the price increase of $19 had the effect of decreasing sales volume. However, this was a favorable tradeoft. The variable cost of goods sold was less than planned. Apparently, we are efficiently managing our variable cost of goods sold. However, the variable selling and administrative expenses appear out of control. Let's look into these expensestand get them under controll Also, let's consider increasing the sales price to $160 and continue this favorable tradeoff between higher price and lower volume. Do you agree with the president's comment? Explain. Contribution Margin Analysis Farr Industries Inc Contribution Margin Analysis (Label) 2 (Label) (Label 10 (Label