Required: 1. Using text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. 2. Based on your completed profit report, determine the dollar amount, and label (Favorable or Unfavorable) each of the following variances for December: a. Total master (static) budget variance (also referred to as the total operating income variance for the period). b. Total flexiblebudget variance. c. Sales volume variance, in terms of operating income. d. Sales volume variance, in terms of contribution margin. e. Selling price variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using text Exhibit 14.4 as a guide, complete the missing parts of the following prot report for December. (If a variance has no amount, select "l' corresponding dropdown cell.) Unit sales 104,000 520,000 Sales 480,000 Variable costs 395,200 288,000 Contribution margin $ 124,800 192,000 Fixed costs 81,000 103,000 Operating income 43,800 te this question by entering your answers in the tabs below. Required 2 ding dropdown cell.) Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. (If a variance has no amount, select "None" in the Actual results Flexible-budget variances Flexible Master (static) budget Sales volume variances budget 104,000 $ 520,000 .... 96,000 480,000 ts 395,200 288,000 margin $ 124,800 Favorable 192,000 81,000 Unfavorable 103,000 come $ 43,800 89,000 None Complete this question by entering your answers in the tabs below. Required 1 Required 2 2. Based on your completed profit report, determine the dollar amount, and label (Favorable or Unfavorable)) each of the following variances for December: (If a variance has no amount, select "None" in the corresponding dropdown cell.) a. Total master (static) budget variance (also referred to as the total operating income variance for the period). b. Total flexible-budget variance. c. Sales volume variance, in terms of operating income. d. Sales volume variance, in terms of contribution margin. e. Selling price variance. Sales volume variance, in terms of contribution margin Total master (static) budget variance Total exible-budget variance Sales volume variance, in terms of operating income a Selling price variance