Problem 16-60 (Algo) Profit Variance Analysis (LO 16-4) Nottingham Forest Products reports the following information concering operations for the most recent month Actual (based on actual sales of 4,800 units) $231,700 Master Budget (based on budgeted sales of 4,050 units) $ 100, 350 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead 58,322 39,020 31,540 27,220 16,628 13,120 Marketing 7,825 6,220 Administrative 7,235 Tetal variable costs $113,550 Contribution margin $118,150 Fixed costs 38,060 6,520 $92,100 $ 98,250 37,420 Manufacturing Marketing 14,000 12,220 Administrative 0,540 10,420 Total fixed costs $63,368 $60,000 Operating profits $54,770 $ 30,100 There are no inventories Required: Prepare a profit variance analysis for Nottingham Forest Products Note: Do not round intermediate calculations. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Sales revenue Variable costs Manufacturing costs Direct labor NOTTINGHAM FOREST PRODUCTS Actual (4,100 Units) Profit Variance Analysis Marketing and Manufacturing Variance Administrative Variance Sales Price Variance Flexible Budget (4,060 Units) Master Budget Sales Activity Variance (4,050 Units) S 231,700 $ 190,350 50.322 Materials Overhead Marketing 31.540 16.628 7.325 Administrative 7.235 Contribution margin S 118150 Fixed costs Manufacturing Marketing 30.000 14.00 Adminstrative 9.540 Operating profes S 54,770 39,020 27.220 13.120 6,220 6,520 $ 98.250 37,420 12.220 10,420 $ 3100