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.) Actual Flexible-Budget Flexible Variance Budget Results 101,000 Units sold Revenues (sales) $ 681,750 445,000 Variable costs Contribution margin Fixed costs 236,750 128,850 107,900 $ Operating income Data Table Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Results 101,000 Sales-Volume Variances Static Budget 99,000 $ Units sold Revenues (sales) Variable costs Contribution margin 681,750 445,000 356,400 148,500 236,750 128,850 207,900 100,000 Fixed costs $ 107,900 $ 107,900 Operating income Print Done Requirements 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