Sheridan Entertainment Corporation prepared a master budget for the month of November that was based on sales of 157,400 board games. The budgeted income statement for the period is as follows. $2,675,800 $708,300 251,840 424,980 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 1,385,120 1,290,680 254,000 507,500 761,500 $529,180 During November, Sheridan produced and sold 183,000 board games. Actual results for the month are as follows. $3,100,200 $813,400 307,000 506,100 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 1,626,500 1,473,700 274,300 507,500 781,800 $691,900 (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, e.g. 125.) Unit 183,000 games Sales revenue Less Variable expenses Direct material Direct labor Variable overhead Total variable expenses 4 Contribution margin Less ^ . Fixed expenses Overhead Selling and administrative Total fixed expenses Operating income (b) Calculate Sheridan's static budget variance for November. (Round answers to o decimal places, e.g. 125. Enter all variance amounts as positive values. If variance is zero, select "Not Applicable" and enter o for the amounts.) Actual Results Static Budget Variance Static Budget Unit Sales Sales revenue Less : Variable expenses Direct material Direct labor Variable overhead Total variable expenses Contribution margin Less Fixed expenses Overhead Selling and administrative Total fixed expenses Operating income Based on the available information, prepare a performance report for management. (If variance is zero, select "Not Applicable" and enter o for the amounts.) Actual Results Flexible Budget Variance Flexible Budget Sales Volume Variance Static Budget Unit Sales Sales revenue Click if you would like to Show Work for this question: Open Show Work