Requlred lnformetlon Problem 14-50 (Algo) Flexible Budgets and Operating Income Variances [LO 14-2, 14-3, 14-6] [The following information applies to the questions displayed below.] Phoenix Management helps rental property owners find renters and charges the owners one-half of the first month's rent for this service. For August 2022 . Phoenix expects to find renters for 100 apartments with an average first month's rent of $760. Budgeted cost data per tenant application for 2022 follow: - Professional labor: 20 hours at $15.00 per hour - Credit checks: $53.00 Phoenix expects other costs, including the lease payment for the building, secretarial help, and utilities, to be $3,600 per month. On average. Phoenix is successful in placing one tenant for every three applicants. Actual rental applications in August 2022 were 270 . Phoenix paid $9,300 for 480 hours of professional labor. Credit. checks went up to $58 per application. Other costs in August 2022 (lease, secretarial help, and utilities) were $3,900. The average first monthly rentals for August 2022 were $860 per apartment unit for 90 units. Part 1 (AlgO) Required: 1. (a) What is the master budget variance for August 2022 ? (b) What is the total flexible budget variance for the month? (c) What is the sales volume variance for the month? 2 Determine the professional labor rate and labor efficiency variances for August 2022