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 C. 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 Variance Flexible Budget Results 99,000 Units sold Revenues (sales) $ 693,000 445,000 Variable costs Contribution margin 248,000 191,700 Fixed costs $ 56,300 Operating income ulations arts sof log Data Table dva Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget hen Actual Results 99,000 Sales-Volume Variances enter" Static Budget 98,000 bund F Units sold Revenues (sales) Variable costs Contribution margin Fixed costs 693,000 445,000 401,800 220,500 248,000 191,700 181,300 125,000 56,300 $ 56,300 $ Operating income Print Done 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? Print Done