Problem 17-47 Derive Amounts for Profit Variance Analysis (LO 17-5) Classics, Ltd., details cars. Classics wants to compare this quarter's results with those for last quarter, which is belleved to be typical for operations. Assume that the following information is provided: Last Quarter This Quarter Number of detailings 520 683 Revenues $73,040 $70,400 Variable costs 28,720 34,320 Contribution margin $44,320 $36,080 Required: Compute the flexible budget and sales activity variance and prepare a profit variance analysis. (Hint. Use last quarter as the master budget and this quarter as 'actual. ) (Do not round Intermediate calculations. Indicate the effect of each varlance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select elther option.) Actual Variable Cost Variance Sales Price Variance Flexible Sales Activity Budget Variance $ 95,935 $ 228,995 F Master Budget $ 73,040 $ 70,400 $ 25,535 U Sales revenue Less: Variable Costs Contribution margin 34,320 $ 36,080 $ 3,403 F 3,403 F 37,723 58,212 $ 9,003 U 13,892 F 28,720 44,320 $ $ 25,535 U $ $ What impact did the changes in number of detaillings and average revenues (.e., sales price) have on Classics, Ltd.'s contribution margin? (Do not round Intermediate calculations.) Contribution margin increased by $ 8,240