Question 1 Concord Entertainment Corporation prepared a master budget for the month of November that was based on sales of 155,500 board games. The budgeted income statement for the period as follows. Sales Revenue Variable expenses $2,488,000 $684,200 279,900 482,050 Direct materials Direct labor Variable overhead Total variable expenses Contribution margin 1,446,150 1,041,850 250,500 509,900 Fixed overhead Fixed selling and administrative expenses Total fixed expenses Operating income 760,400 $281,450 During November, Concord produced and sold 183,900 board games. Actual results for the month are as follows. Sales Revenue Variable expenses $2,930,900 Direct materials Direct labor Variable overhead $797,060 346,520 580,290 Total variable expenses 1,723,870 Contribution margin 1,207,030 Fixed overhead 277,700 509,900 Fixed selling and administrative expenses Total fixed expenses Operating income 787,600 $419,430