QUESTION 1 (40 points) CC Corp estimated the following financial data, for the 2020 production budget: Sales of 122,000 units Sales price of $40 per unit Variable expenses of $9.90 per unit Fixed costs of $3,050,000 for the year At year end, actual sales data and costs were: Sales of 125,000 units Sales price of $38 per unit Variable expenses of $10.50 per unit Fixed costs of $3,000,000 for the year A. Create an Income Statement Performance Report, including favourable/unfavourable ratings for all Flex Budget Variances and Sales Volume Variances. B. Briefly explain the operating income flex budget result. C. If the Direct Materials Price Variance was $50,000 Favourable, and the Direct Materials Efficiency Variance was $90,000 Unfavourable, what was the Direct Labour Flex Budget Variance? Assume that the only other variable expense was variable overhead, and that its flex budget variance was zero