Show the math and answers to complete number one. Follow the same format shown when answering the question.

Joe has just got his accounting degree and started working for Lady G Bakery Inc., a small business that is locally known for their delicious banana pudding cups. Their best-seller is the 16oz cup. The company's relevant range of production is between 500,000 and 800,000 cups a year. Within the relevant range, variable costs per cup and total annual fixed costs remain constant. The company has the following data from its standard cost system. The planning budget income statement is based on the expectation of selling 580,000 cups of banana pudding. The budgeted selling price is $10 per cup. For planning and control purposes, the company relies on its standard costs to derive their budgeted costs per cup of banana pudding. For example, the cost of direct materials reported on the planning budget income statement is calculated as $5.00 per cup times 580,000 cups, which is $2,900,000. Also, the denominator level of activity is calculated as 0.1 direct labor hour per cup times 580,000 cups, which is 58,000 direct labor hours. The company actually produced and sold 660,000 cups at $11.20 per cup this year. The company does not have a beginning or ending raw materials inventory. because it uses all raw materials purchased. Also, the company does not have a beginning or ending finished goods inventory. Everything produced in the year is sold in that same year. Required: 1. Prepare a detailed income statement variance analysis using the contribution approach income statement for the year (i.c., compare the actual income statement with the flexible budget income statement and compare the flexible budget income statement with the planning budget income statement). Show all the revenue, spending, and activity variances appearing in the income statement analysis. A template for answering this question is given below. All variances should be marked with either an F favorable or " U " for unfavonble. ( 30 points) Hysis