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 believed to be typical for operations. Assume that the following information is provided: Number of detailings Revenues Variable costs Contribution margin Last Quarter 520 $73,040 28,720 $44,320 This Quarter 683 $70,400 34,320 $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 variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option.) Actual Variable Cost Variance Sales Price Variance Flexible Budget Sales Activity Variance Master Budget Sales revenue Less: Variable Costs Contribution margin I What impact did the changes in number of detailings and average revenues (l.e., sales price) have on Classics, Ltd.'s contribution margin? (Do not round Intermediate calculations.) Contribution margin