The Clarkson Company produces engine parts for car manufacturers. A new accountant intern at Clarkson has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Flexible-Budget Actual Results Variance Flexible Budget 104,000 Units sold Revenues (sales) $ 676,000 450,000 Variable costs Contribution margin 226,000 129,000 Fixed costs 97,000 Operating income Data table Flexible-Budget Performance Report, Year Ended December 31, 2020 Actual Results Variances Flexible Budget Sales-Volume Variances Static Budget 104,000 91,000 Units sold Revenues (sales) $ 676,000 $ 386,750 450,000 204,750 Variable costs Contribution margin 226,000 182,000 129,000 85,000 Fixed costs $ 97,000 97,000 Operating income Requirements 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here?