The Sodus Company produces engine parts for car manufacturers. A new accountant intern at Sodus 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. (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 Results Flexible-Budget Variance 105,000 Units sold Revenues (sales) 672,000 480,000 Variable costs Contribution margin 192,000 136,500 Fixed costs $ 55,500 Operating income Flexible Budget Data table Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Results Variances 105,000 Units sold Revenues (sales) $ 672,000 480,000 Variable costs Contribution margin 192,000 136,500 Fixed costs $ 55,500 Operating income Flexible Budget Sales-Volume Variances Static Budget 97,000 $ 339,500 194,000 145,500 90,000 $ 55,500 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?