The Richtled Company produces engine parts for car manufacturers. Anew accountant Intern at Richfield has accoentally 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 requiremene Variance Requirement 1. Calculate all the required variances. If your work is aoculale you will find that the lolal slalic-budget variance is 50.) Begin with the fexible budget columns, then the sales volume varlance column Label each varlance as favorable (F) or untavorable (U} (Forvarlances with a $0 balance, make sure to enter 'o' in the appropriate field. If the variance is zero, do not selecta label. Round your answers to the nearest whole dellar.) Actual Flexible-Budget Flexible Results Budget Units sold 108 000 Revenues (valos) 5 702 000 Variable costs 435 000 Contribution margin 267 000 Fixed costs 175.700 91 300 Operating income - 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? - Data Table Performance Report Actual Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Sales-Volume Static Results Variances Budget 98,000 Units sold 108,000 Revenues (sales) $ $ 702,000 435,000 416,500 235,200 Variable costs Contribution margin 267,000 175,700 181,300 90,000 Fixed costs $ 91,300 $ $ 91,300 Operating income