Question 5: 18 Marks General Mills Inc., produces basic fillings used in many popular frozen desserts and treats - vanilla and chocolate ice creams, puddings, meringues, and fudge. General Mills uses standard costing and carries over no inventory from one month to the next. The ice cream product group's results for June 2022 were as follows: Performance Report , June 2022 Jeff Geller, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up. Unfortunately, variable manufacturing costs went up too. The bottom line is that contribution margin declined by $52,900, which is just over 2% of the budgeted revenue of $2,592,600. Overall, Geller feels that the business is running fine. Required: 1. Calculate the static-budget variance in units, variable manufacturing costs, and contribution margin. What percentage is each static-budget variance relative to its static-budget amount? 5 marks 2. Break each static-budget variance into a flexible-budget variance and a sales-volume variance. 5 marks 3. Calculate the selling-price variance. 2 marks 4. Assume the role of management accountant at General Mills. How would you present the results to Jeff Geller? Should he be more concerned? If so, why? 6 Marks