The Edinburg Company produces engine parts for car manufacturers. A new accountant intern at Edinburg has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. E (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.) Actual Flexible-Budget Flexible Results Variance Budget 100,000 Units sold Revenues (sales) $ 650,000 455,000 Variable costs Contribution margin 195,000 153,500 Fixed costs $ 41,50 Operating income Choose from any list or enter any number in the input fields and then click Check Answer. PIC S X Ru - X Data Table Requirements na f urg ins the reg! 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? ent Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Itic Static Results Variances bra the ural Budget 90,000 dc Units sold 100,000 Revenues (sales) $ $ 650,000 455,000 369,000 202,500 Print Done Variable costs Contribution margin 195,000 153,500 166,500 125,000 (sales) $ Fixed costs 650,000 455,000 $ osts 41,500 $ 41,500 Operating income on margin 195,000 153,500 ES Print Done $ 41,500 income