The Sodus Company produces engine parts for car manufacturers. A new accountant intern at Sodus 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 i s zero, do not select a label. Round your answers to the nearest whole dollar.) Flexible-Budget Sales-Volume Static Variance Budget Actual Results Flexible Budget 103,000 Units sold Revenues (sales) $ 695,250 F Variable costs Contribution margin 445,000 U 250,250 F 182.450 Fixed costs U $ 67,800 Operating income U Variance 103000 F 96,000 F $ 345,600 U 172,800 F 172,800 105,000 $ 67,800 Requirements 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Calculate the total static-budget variance to verify your work is accurate. Determine the labels and then enter the amounts to calculate the static-budget variance. (For variances with a $0 balance, make sure to enter "0" in contribution margin.) 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? Total flexible-budget variance Total sales-volume variance Total static-budget variance D - Print Done per unit. The budgeted selling price is $ per unit. The actual variable cost is $ per unit. The budgeted variable cost is $ per unit. Requirement 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? (Round your answers to the nearest cent.) The actual selling price is $ Year Ended December 31, 2017 Requirement 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? Actual variable costs increased causing a(n) unfavorable flexible-budget variable cost variance. This variance could be a result of a(n) increase Round percentage to the nearest whole number.) Sodus was able to pass most of the change in direct material prices on to its customers. Actual selling price Actual Flexible- Budget Results Variances Flexible Budget Sales-Volume Variances Static Budget in direct material prices. 103,000 96,000 Units sold Revenues (sales) $ 695,250 increased 445,000 $ 345,600 172,800 Variable costs by approximately %, bringing about an offsetting flexible-budget revenue variance. Contribution margin 250,250 172,800 A(n) lincrease in the actual number of units sold contributed to more favorable results Sodus's customers may have stocked un anticipating future lincreases in direct material prices 182,450 105,000 Fixed costs S 67,800 $ 67,800 Operating income