Springwater Brewery has two main products: premium and regular ale. Its operating results and master budget for 2019 (000s omitted) follow: Barrels Sales Variable expenses Contribution margin Fixed expenses Operating income Operating Results of 2019 Premium Regular Total 210 630 840 $33,600 $72,450 $106,050 16,800 47,250 64,050 $16,800 $25,200 $ 42,000 11,000 5,000 16,000 $ 5,800 $20,200 $ 26,000 Master Budget for 2019 Premium Regular Total 260 390 650 $39,000 $46,800 $85,800 20,800 29, 250 $18,200 $17,550 $35,750 11,000 5,000 16,000 $ 7,200 $12,550 $19,750 50,050 Pam Kuder, CEO, expected the total industry sales to be 1,625,000 barrels during the period. After the year, Mark Goldfeder, the controller, reported that the total sales for the industry were 1,680,000 barrels. Required: Calculate the following: 1. Selling price variances for the period for each product and for the firm. 2. Sales volume variances for the period for each product and for the firm. 3. Sales quantity variances for each product and the firm. 4. Sales mix variances for the period for each product and for the firm. 5. The sum of the sales quantity variance and sales mix variance. Also, verify that this total equals the sales volume variance. 6. Market size variance for the period. 7. Market share variance for the period. 8. The sum of the market size variance and market share variance. Also, verify that this total equals the sales quantity variance. Favorable Unfavorable None 1. Selling price variance - Premium Selling price variance - Regular Total selling price variance 2. Sales volume variance - Premium Sales volume variance - Regular Total sales volume variance 3. Sales quantity variances - Premium Sales quantity variances - Regular Total sales quantity variance 4. Sales mix variance - Premium Sales mix variance - Regular Total sales mix variance 5. Sales volume variance 6. Market size variance 7. Market share variance 8. Sales quantity variance