The Putnam Company produces engine parts for car manufacturers. A new accountant intern at Putnam has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. (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-Budget Actual Results Flexible - X Variance Budget i Data Table 105,000 Units sold Revenues (sales) $ 672,000 Variable costs 435,000 Performance Report Year Ended December 31, 2017 Contribution margin 237,000 Actual Flexible-Budget 148,400 Fixed costs Results Variances Flexible Budget Sales-Volume Variances Static Budget 88,600 Operating income 105,000 Units sold 94,000 Revenues (sales) Variable costs $ 672,000 $ 319,600 435,000 141,000 Contribution margin 237,000 178,600 Fixed costs 148,400 90,000 Operating income 88,600 $ 88,600 Print Done iRequirements 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