Required information The following information applies to the questions displayed below. As part of its comprehensive planning and control system, Mopar Company uses a master budget and subsequent variance analysis. You are given the following information that pertains to the company's only product, XL-10, for the month of December Required: 1. Using text Exhibit 144 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 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 Complete this question by entering your answers in the tabs below Required1Required 2 Using text 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 corresponding dropdown cell.) Flexible budget Master (static) budget Actual resultsFlexible-budget variances Sales volume variances Unit sales Sales Variable costs Contribution margin Fixed costs Operating income 106,000 $530,000 402,800 $127,200 65,000 $62,200 96,000 480,000 288,000 192,000 81,000 111,000 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. Show less a. Total master (static) budget variance 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 Required 1 Required2