Question 1 Concord Entertainment Corporation prepared a master budget for the month of November that was based on sales of 158,700 board games. The budgeted income statement for the period is as follows. Sales Revenue $2,539,200 Variable expenses Direct materials Direct labor Variable overhead $634,800 238,050 539,580 1,412,430 1,126,770 Total variable expenses Contribution margin Fixed overhead Fixed selling and administrative expenses Total fixed expenses Operating income 254,800 508,500 763,300 $363,470 During November, Concord produced and sold 193,900 board games. Actual results for the month are as follows. $3,091,600 $762,700 303,950 671,160 Sales Revenue Variable expenses Direct materials Direct labor Variable overhead Total variable expenses Contribution margin Fixed overhead Fixed selling and administrative expenses Total fixed expenses Operating income 1,737,810 1,353,790 278,600 508,500 787,100 $566,690 (a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to 0 decimal places, e.g. 125.) Unit 193,900 games $ $ $ VI $ (b) Calculate Concord's static budget variance for November. (Round answers to O decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter o for the amounts.) Actual Results Static Budget Variance Static Budget Unit Sales $ V Based on the available information, prepare a performance report for management. (If variance is zero, select "Not Applicable" and enter o for the amounts.) Actual Results Flexible Budget Variance Flexible Budget Sales Volume Variance Static Budget Unit Sales $ $ $ V V $ $ $ Click if you would like to Show Work for this question: Open Show Work