Springwater Brewery has two main products: premium and regular ale. Its operating results and master budget for 20XX (000s omitted) follow: Operating Results of 20XX Master Budget for 20xx Premium Regular Total Premium Regular Total Barrels 210 630 840 260 390 650 Sales $ 35,700 $ 78,750 $ 114,450 $ 41,600 $ 50,700 Variable expenses $ 92,300 18,900 53,550 72,450 23,400 33, 150 56,550 Contribution margin $ 16,800 $ 25, 200 $ 42,000 $ 18,200 $ 17,550 $ 35,750 Fixed expenses 12,000 8,000 20,000 12,000 8,000 20,000 Operating income $ 4,800 $ 17,200 $ 22,000 $ 6,200 $ 9,550 $ 15,750 Pam Kuder, CEO, expected the total industry sales to be 1,300,000 barrels during the period. After the year, Mark Goldfeder, the controller, reported that the total sales for the industry were 1,400,000 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 Jales 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. (Enter your answers in thousands of dollars.) (Enter your answers in thousands of dollars.) 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