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 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 dolar 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. Required: Required 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" corresponding dropdown cell.) Flexible Master (static) Actual results Flexible-budget variances Sales volume variances budget budget 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 profit report for December. (If a variance has no amount, sel corresponding dropdown cell.) Master (static) Actual results Flexible Flexible-budget variances budget Sales volume variances budget Unit sales 120,000 110,000 Sales $ 600,000 $ 550,000 Variable costs 455,000 330,000 Contribution margin $ 144,000 $ 220,000 Fixed costs 80,000 95,000 Operating incomo $ 64,000 $ 125,000 Required 1 Required 2 > 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. Show less a Total master (static) budget variance b. Total flexible-budget variance Sales volume variance, in terms of operating income d. Sales volume variance, in terms of contribution margin e. Selling price variance C