The Groton Company produces engine parts for car manufacturers. A new accountant intern at Groton 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. (Click the icon to view the data.) Read the requirements The Groton Company produces engine parts for car manufacturers. A new accountant intern at Groton has accidentally deleted the calculations on the company's variance 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, Actual Cloyiblo Budaot Clovible 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. al static-budget variance is $0.) s 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.) 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 110,000 Flexible Budget Variance Units sold Revenues (sales) $ 687,500 460,000 Variable costs Contribution margin 227,500 169,150 Fixed costs JOM Operating income $ 58,350 Actual Results 110,000 Flexible-Budget Variance Flexible Budget Units sold Revenues (sales) $ 687,500 460,000 Variable costs Contribution margin 227,500 169,150 Fixed costs 58,350 Operating income i Data Table Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Results 110,000 Sales-Volume Variances Static Budget 99,000 Units sold Revenues (sales) $ 687,500 460,000 321,750 158,400 Variable costs Contribution margin 227,500 169,150 Fixed costs 163,350 105,000 58,350 58,350 Operating income Print Done Requirements - X 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? Print Done