The Liberty Company produces engine para tocar manufacturers Anew accountant om at Liberty has contador the company's vauncey intors to the year endnd December 5, 2020. The origine is utam m (Click the icon to view the do) remains of the data Read the rent Requirement 1. Calcutta af heroined variance your work asal, you will fnd at the total budget varius Degin with the buget columns, then the sales volume variance olumn Labelach state or rele (US Forces will make sure to come to not select a label Round your answers to the newest whole ola Actual Flexible-budget Results Valance Muut TOB.000 United Revenues 70.000 430.000 Variable conto Contribuong 272.000 Find osts 210,500 5 61.500 Operating income Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Sales-Volume Results Variances Flexible Budget Variances 108,000 Units sold Static Budget 90,000 S 369,000 202,500 Revenues (sales) Variable costs Contribution margin 702,000 430,000 272,000 210,500 Fixed costs 166,500 105,000 61,500 $ 61,500 Operating income Print Done 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