The Groton Company produces engine parts for car manufacturers. A new accountant intern at Groton bas 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 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 och variance as favorable (F) or unfavorable (U). (For variances with a balance, make sure to enter 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 0 103.000 Units sold 103.000 Revenues (sales) $ 695,250 F Variable costs 475,000 Contribution margin 220.250 6 of 10 (7 complete) HV Data Table 5 engine e followi data.) the requi Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static columns ce is zero Results Variances Budget 97.000 103,000 ctual esults Units sold Revenues (sales) $ $ 412,250 695,250 475,000 103,00 213,400 Variable costs Contribution margin 695,25 475,00 220,250 136,400 198,850 115,000 Fixed costs s 83.850 S 83,850 220,25 Operating income er any nur Print Done wl dows 6 of 10 (7 complete) gine parts for car manufacturers. A new accountant intern at Groton has accidentally deleted the calculations on the Howing table is what remains of the data. ..) i Requirements X equired variances. (If y mns, then the sales vol zero, do not select a la 11 Flexible-Budd Variance 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 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? ts 03,000 0 95,250 75,000 Print Done 220,250 ny number in the input fields and then click Check Answer Clear All