The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty has accidentally deleted the calculations on the company's vanance analyele calculations for the year ended December 31. The following table lewhat remains of the data. (Click the icon to view the data.) Required Requirement 1. Calculate all the required variances. (If your work is accurate, you wil find that the total statio-budget variance is $0.) Begin with the flexible budget columns and then the sales volume vanance column. Label Bach vananca as favourable (F) or untevourable (U). (For variances with a $0 balance, make sure to enter 'O' in the appropriate field. If the variance is zero, do not select a label. Round you answers to the nearest whole collar) Actual Results 105.000 Flexible-Budget Variance Flexible Budget X Data $ Units sold Revenues (sales) Variable costs Contribution trigin 683.700 450.000 233.700 188,300 Performance Report Year Ended December 31 Flexible-Budget Flexible Variances Budget Fixed costs Actual Sales-Volume Static 67.400 Operating income Variances Results 106,000 Budget 93.000 Units old Revenues (sales) $ S BR2,700 450,000 318.200 148 HOD Variable 2018 Contribution margin Fixed costs 233,700 180,300 67.409 167.400 100.000 $ S 67 400 Operating income Print Done Help me solve this Etext pages Get more help Clear all Check ar Required 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