Sheffield Entertainment Corporation prepared a master budget for the month of November that was based on sales of 197,200 board games. The budgeted income statement for the period is as follows. $2,958,000 Sales Revenue Variable expenses $887,400 Direct materials Direct labor 414,120 650,760 1,952,280 Variable overhead Total variable expenses Contribution margin Fixed overhead Fixed selling and administrative expenses 1,005,720 220,000 430,000 Total fixed expenses 650,000 Operating income $355,720 During November, Sheffield produced and sold 153,700 board games. Actual results for the month are as follows. $2,215,500 $680,350 308,470 497,210 Sales Revenue Variable expenses Direct materials Direct labor Variable overhead Total variable expenses Contribution margin Fixed overhead Fixed selling and administrative expenses Total fixed expenses 1,486,030 729,470 207.000 445.000 652,000 Operating income $77,470 a (a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to decimal places, eg. 125.) Unit 153,700 games Sales revenue $ 15 $ 2305500 Less : Variable expenses Direct material 4.5 i 691650 Direct labor 2.1 322770 Variable overhead 3 3.3 507210 i Total variable expenses 9.9 1521630 Contribution margin 5.1 783870 Less V Fixed expenses Overhead 220000 Selling and administrative 430000 i Total fixed expenses 650000 Operating income > $ $ Flexible Budget Sales Volume Variance Static Budget $ $ V $ $