The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty 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 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 Flexible Variance Budget Results 103,000 Units sold Revenues (sales) $ 695,250 440,000 Variable costs Contribution margin 255,250 182,050 Fixed costs $ 73,200 Operating income Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static Variances Results 103,000 Budget 99,000 Units sold Revenues (sales) $ $ 695,250 440,000 336,600 158,400 Variable costs Contribution margin Fixed costs 255,250 182,050 178,200 105,000 $ 73,200 $ 73,200 Operating income X i 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 Dane The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty 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 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 Flexible Variance Budget Results 103,000 Units sold Revenues (sales) $ 695,250 440,000 Variable costs Contribution margin 255,250 182,050 Fixed costs $ 73,200 Operating income Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static Variances Results 103,000 Budget 99,000 Units sold Revenues (sales) $ $ 695,250 440,000 336,600 158,400 Variable costs Contribution margin Fixed costs 255,250 182,050 178,200 105,000 $ 73,200 $ 73,200 Operating income X i 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 Dane