Stampede Corporation, a Calgary based steak house, used the following data to evaluate their current operating system. The company sells items for $20 each and used a budgeted selling price of $20 per unit.

	Actual	Budgeted
Units Sold	200,000units	203,000
Variable Costs	1,250,000	1,500,000
Fixed Costs	925,000	900,000

Required:

1) Prepare a Level 1 static-budget variance analysis for Stampede Corporation using an income statement in contribution margin format. Use the following three column headings: Actual Results, Static Budget, and Static-budget Variance.