Save Homework: Chapter 7-HW-SP 21 Score: 0 of 1 pl 1 of 4 (0 complete) HW Score: 0%, 0 of 4 pt E7-24 (similar to) Question Help The Groton Company produces engine parts for car manufacturers A new accountant intern at Groton has accidentally deleted the company's variance analysis calculations for the year ended Decomber 31, 2020 The following table in what remains of the data Click the icon to view the data) Read the regulaments Requirement 1. Calculate all the required variances (Hyour work is accurate, you will find that the total static budget variance is 50) Begin with the exible budget columns, then the sales vokime variance column Label each variance as favorable (F) or unfavorable (U). (For variances with a 50 balance make sure to enter in the appropriate field of the variance is zero, do not select a label Round your answers to the nearest whole dollar Actual Flexible Budget Flexible Results Variance Budget 99 000 Units sold Ravens (es) 5 693.000 Variable costs 435,000 Contribution margin 250.000 162,000 96.000 Operating Income 1 of 4 (0 complete) HW Score: 0%, 0 Data Table Hp sces er 31 hed lcula! Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Sales-Volume Results Variances Flexible Budget Variances 99,000 all the Units sold Static Budget 96.000 get col Revenues (sales) $ he aPA 693,000 435,000 $ alance 408,000 192,000 Variable costs Contribution margin Actil Resu Fixed costs 258,000 162,000 96,000 216.000 120.000 $ Operating Income $ 96.000 Print Done 0 Requirements - X 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? Print Done 1 or enter any number in the inne