Sheffield Entertainment Corporation prepared a master budget for the month of November that was based on sales of 181,900 board games. The budgeted income statement for the period is as follows. $3,092,300 $818,550 272,850 563,890 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 Operating income 1,655,290 1,437,010 233.000 443,000 676,000 $761,010 During November, Sheffield produced and sold 150,700 board games. Actual results for the month are as follows. $2,458,900 $664,850 212,550 456,770 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 Operating income 1,334,170 1,124,730 220,000 458,000 678,000 $446,730 (a-b) Your Answer Correct Answer Your answer is correct. (a) Prepare a flexible budget for November. (Round unit answers to 2 decimal places, e.g. 5.25 & all other answers to 0 decimal places, eg. 125.) Unit 150,700 games Sales revenue $ 17 $ 2561900 Less Variable expenses Direct material 4.5 i 678150 i Direct labor 1.5 i 226050 i Variable overhead 3.1 i 467170 i Total variable expenses 7 9.1 i 1371370 i Contribution margin $ 7.9 1190530 Less : Fixed expenses Overhead 233000 i Selling and administrative 443000 Total fixed expenses 676000 i Operating income 514530 (b) Calculate Sheffield's static budget variance for November. (Round answers to 0 decimal places, eg. 125. Enter all variance (b) Calculate Sheffield's static budget variance for November. (Round answers to decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter Ofor the amounts.) Actual Results Static Budget Variance Unit Sales 150700 31200 i Unfa Sales revenue $ 2458900 $ 633400 Unfa Less Variable expenses Direct material 664850 i 153700 Fava Direct labor 212550 i 60300 Favo Variable overhead 456770 i 107120 i Favo Total variable expenses 1334170 i 321120 Favo Contribution margin 1124730 312280 i Unfa Less Fixed expenses Overhead 220000 i 13000 i Favo Selling and administrative 458000 i 15000 Unfa Total fixed expenses 678000 i 2000 i Unfa Operating income $ 446730 $ 314280 Unfa e Textbook and Media Assistance Used Solution Attempts: 3 of 3 used (d) Based on the available information, prepare a performance report for management. (If variance is zero, select "Not Applicable" and enter for the amounts.) Actual Results Flexible Budget Variance Unit Sales $ $ Total variable expenses $ $