The management accountant prepares the following performance report for a company's first year of operations: Sales Cost of Goods Sold Selling Expenses Administrative Expenses Operating Income Budget $100,000 50,000 20,000 10,000 $20,000 Actual $110,000 45,000 19,000 11.000 $35,000 Variance ? 2 ? ? 2 Required: A) Compute variances for each line item on the income statement. Also indicate if the variances are favorable or unfavorable. Variance and Favorable or Unfavorable Sales $ COGS $ Selling Exp $ . Admin Exp $ . Oper Income $