The Phipps Company produces and sells over 100 different products. For the past year, the master budget called for: Sales (70,000 units) $420,000 Variable costs 140,000 Contribution margin $280,000 Fixed costs 200,000 Net income $ 80,000 At the end of the year, the following flexible budget was prepared based on the actual products sold: Sales (72,000 units) $446,400 Variable costs 216,000 Contribution margin $230,400 Fixed costs 200,000 Net income $ 30,400 The actual income statement for the period revealed: Sales (72,000 units) $442,800 Variable costs 219,600 Contribution margin $223,200 Fixed costs 210,000 Net income $ 13,200 Required: Reconcile master budget to actual net income by calculating a sales mix variance, sales quantity variance, selling price variance (in total), variable cost variances (in total), and a fixed cost budget variance. (10 marks) PLEASE ANSWER THE OTHER QUESTIONS ATTACHED IN THE FILE ALSO...THANK YOU!