Requirements 1 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? 2. 3. Print Done The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data EEB (Click the icon to view the data.) Read the requirements Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "O" in the appropriate field. lf the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Flexible Results Variance Budget Units sold Revenues (sales $ Variable costs Contribution margin Fixed costs Operating income 99,000 693,000 450,000 243,000 147,000 96,000 Data Table Performance Report Year Ended December 31, 2017 Flexible Budget Actual Flexible-Budget Sales-Volume Static Results Variances Variances Budget Units sold Revenues (sales $ Variable costs Contribution margin Fixed costs Operating income 99,000 693,000 450,000 243,000 147,000 96,000 93,000 381,300 195,300 186,000 90,000 96,000 Print Done