Requirements 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? - Data table Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Results Variances 101,000 Units sold Revenues (sales) $ 681,750 404,000 Variable costs Contribution margin 277,750 220,350 Fixed costs 57,400 Operating income Flexible Budget Sales-Volume Variances Static Budget 93,000 $ 334,800 167,400 167,400 110,000 57,400 The Edinburg Company produces engine parts for car manufacturers. A new accountant intern at Edinburg has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. 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 50 ballance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole collar) Actual Results Flexible-Budget Variance Flexible Budget 101,000 Units sold Revenues (sales) $ 681,750 Vanable costs 404,000 Contribution margin 277,750 Fixed costs 220,350 $ 57,400 Operating income