The management accountant prepares the following performance report for a company's first year of operations: Budget Actual Variance (Do not use minus signs) Sales $111,223 $145,315 $ Cost of Goods Sold 38,745 39,651 $ Selling Expense 23,448 21,239 $ Administrative 17,123 27,843 $ Expenses Operating Income $31,907 $56,582 $ 4 Required: A) Compute variances for each line item on the income statement. Also indicate if the variances are favorable or unfavorable. (Do not use minus signs)