Question 1 Concord Entertainment Corporation prepared a master budget for the month of November that was based on sales of 150,100 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,401,600 variable expenses Direct materials $750,500 Direct labor 315,210 Variable overhead 405,270 Total variable expenses 1,470,980 Contribution margin 930,620 Fixed overhead 259,800 Fixed selling and administrative expenses 505,800 Total fixed expenses 765,600 Operating income $165,020 During November, Concord produced and sold 198,000 board games. Actual results for the month are as follows. Sales Revenue $3,158,000 variable expenses Direct materials $976,800 Direct labor 430,200 Variable overhead 544,600 Total variable expenses 1,951,600 Contribution margin 1,206,400 Fixed overhead 277,500 Fixed selling and administrative expenses 505,800 783,300 Total fixed expenses Operating income $423,100 (a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, eg. 5.25 & all other answers to o decimal places, e.g. 125.) Unit 198,000 games