Question 7 Consider the following budgeted and actual income statement for a company: ACTUAL STATIC RESULTS () BUDGET () Sales Revenue 50,000 65,000 Total Variable Costs 26,000 34.000 Contribution margin 24,000 31,000 Fixed costs 15,000 15,000 Operating income 9,000 16,000 The total static-budget variance is: A. 7,000 B. 8,000 C. 10,000 D. None of the above.s Question 8 Determine the IRR of a project for which the following information is provided: NPV = 70 when discount rate = 8% NPV = -30 when discount rate = 10% Which of the following is correct: A. IRR is 9.40% B. IRR is 10.80% C. IRR is 11.40% D. None of the above