The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020 The following table is what remains of the data Click the icon to view the cata.) Read the requirements X Requirement Data table Jth a so Begin with the balance, make Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Sales Volume Results Variances Flexible Budget Variances 99,000 Static Budget 95.000 Units sold Revenues (4 $ $ Units sold Revenues (sales) Variable costs Contribution margin 693.000 470,000 403.750 199,500 Variable costs Contribution 223.000 148,750 204 250 130,000 Feed costs Fixed costs $ 74,250 $ 74,250 Operating ind Operating income Print Done Help me k answer 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 The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data Click the icon to view the data.) Read the outcomes 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 so balance, make sure to enter "o" 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 99,000 Units sold $ 693,000 470,000 Revenues (sales) Variable costs Contribution margin Fixed costs 223,000 148,750 74,250 $ Operating income