Score: 0 of 6 pts 1 of 2 (0 complete) HW Score: 0%, 0 of 10 pts E7-24 (similar to) Question Help O The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty 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, (Click the icon to view the data.) Requirements Read the requirements. 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget varlance 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 imporlant lesson leamed here? Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is SO.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Flexible i Data Table Results Variance Budget 110,000 Units sold Revenues (sales) $ 687,500 Variable costs 480,000 Contribution margin 207,500 172,000 Fixed costs 35,500 Units sold Operating income Revenues (sales) S S Print Done Actual Flexible Sales-Volume Flexible-Budget Variances Budget Variances Results 110,000 Static Budget 97,000 687,500 $ 349,200 203,700 480.000 Variable costs Contribution margin Choose from any list or enter any number in the input fields and then click Check Answer. 207.500 172,000 145,500 110,000 Fixed costs S 35,500 $ 35,500 8 Pemaining Operating income