The company created a flexible sudgeted come statement to compare to cal results for the year. From the data provided, you will calculate variances for each income statement item, analyxe why certain variances have curred, and determine what the company can do going forward to mitigate cach aime. Project Data: S Sales Kerem Cost of Goods Sold Cross Profis Fk silke Bikket 150,000 $ 90.000 60,000 $ Actul Results 135,000 81.000 54.000 S Expenses Sadarjes Sales Comission Ren! Insurance Suplies Other Operatine Total specs 35.000 3.00 12.000 4.000 400 1.100 $5.500 5 35,000 2,700 12.000 4.000 0 100 54,100 S Net Income s 4.500S KT The income statement above is for one product that the company rellis in its customers. A customer will receive a 10% discount when they purchase 10 or more items in one transaction. Furthermore, two customer switched suppliers during the year and the exy did not sell lo any new customers Cost of goods sold includes direct mairials, Carucs laber, and manufacturing ovchwed. and is expensed when the product is sold. All expenses are period costs that are expensed in the period incurred Sales commission le 2% of a les revenue. 2. Determine whether each variance is favorable or unfavorable for the company. 2