The Nunda Company produces engine parts for car manufacturers. A new accountant intern at Nunda 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. E: (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.) Flexible Actual Results 99,000 Flexible-Budget Variance Budget Units sold Revenues (sales) $ 693.000 435,000 Variable costs Contribution margin IIIII 258.000 Fixed costs 242,400 $ 15,600 Operating income - Data table 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? Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Sales-Volume Results Variances Flexible Budget Variances 99,000 Static Budget 91.000 Units sold Revenues (sales) $ $ 693,000 435,000 373,100 227,500 Variable costs Contribution margin 258,000 242,400 145,600 130,000 Fixed costs Print Done $ 15,600 $ 15,600 Operating income Print Done