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. 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.) Units sold Revenues (sales) $ Variable costs Contribution margin Fixed costs Operating income $ Actual Results 99,000 693,000 435,000 258,000 118,000 140,000 Flexible-Budget Variance 0 103055 Flexible Budget 99000 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 Units sold Revenues (sales) Variable costs Contribution margin Fixed costs Operating income Performance Report, Year Ended December 31, 2020 Flexible-Budget Variances Actual Results 99,000 $ 693,000 435,000 258,000 118,000 $ 140,000 Flexible Budget Sales-Volume Variances Static Budget 90,000 $ $ 369,000 144,000 225,000 85,000 140,000