(The following information applies to the questions displayed below.) As part of its comprehensive planning and control system, Mopar Company uses a master budget and subsequent variance analysis. You are given the following information that pertains to the company's only product, XL-10, for the month of December Required: 1. Using text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. 2. Based on your completed profit report, determine the dollar amount, and label (Favorable or Unfavorable) each of the following variances for December: a. Total master (static) budget variance (also referred to as the total operating income variance for the period). b. Total flexible-budget variance. C. Sales volume variance, in terms of operating income. d. Sales volume variance, in terms of contribution margin. e. Selling price variance. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Using text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. (If a variance has no amount, select "None" in the corresponding dropdown cell.) Actual results Flexible-budget variances Flexible budget Sales volume variances Unit sales Sales Variable costs $ 111,000 555,000 421,800 133,200 75,000 58,200 Master (static) budget 98,000 $ 490,000 294,000 $ 196,000 86,000 $ 110,000 $ Contribution margin Fixed costs Operating income $ EXHIBIT 14.4 Breakdown of Total Operating Income Variance SCHMIDT MACHINERY COMPANY Analysis of Financial Results For October 2019 (1) (2) Flexible-Budget Variances (3) Flexible Budget Sales Volume Variances (5) Master (Static) Budget Actual Units 780 0 780 Sales Variable costs $639,600 350,950 $288,650 160,650 $15,600F 50F $15,650F 10,650U $ 5,000F 2200 $176,000U 99,000F $ 77,000U 0 $ 77,000U $624,000 351,000 $273,000 150,000 $123,000 Contribution margin Fixed costs 1,000 $800,000 450,000 $350,000 150,000 $200,000 Operating income $128,000 Analysis of Total Operating-Income Variance Total operating-income variance ** =$128,000-$200,000=$72,000U Flexible-budget variance =$128,000 - $123,000 =$5,000F Sales volume variance =$123,000 - $200,000 = $77,0000 *Budgeted fixed factory overhead cost = $120,000; budgeted fixed selling and administrative expense = $30,000 **Also called the total master (static) budget variance. Note: U denotes an unfavorable effect on operating income; F denotes a favorable effect on operating income