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.) Data Table (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do Performance Report, Year Ended December 31, 2020 Actual Flexible-Budget Sales-Volume Results Variances Flexible Budget Variances 130,000 Static Budget 91,000 Units sold Revenues (sales) $ $ 715,000 450,000 291,200 191,100 Requirements Variable costs Contribution margin 265,000 264,900 100,100 100,000 Fixed costs $ 100 $ 100 Operating income 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? st Print Done Print Done Help Me Solve This e Text Pages Get More Help 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. E: (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 Sales-Volume Static Results Variance Variance Budget 130,000 Budget 91,000 130,000 Units sold 0 39,000 F Revenues (sales) $ 299,000 F $ 416,000 $ 124,800 F $ 715,000 $ 450,000 291,200 191,100 Variable costs 177,000 U 273,000 81,900 U Contribution margin F. 143,000 42,900 F 265,000 264,900 122,000 164,900 100,100 100,000 Fixed costs U U 100,000 $ 100 $ 42,900 $ 43,000 $ 42,900 $ 100 Operating income U 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 the appropriate field. If the variance is zero, do not select a label. Abbreviation used: CM = contribution margin.) Total sales-volume variance Total static-budget variance Total flexible-budget variance 42,900 U $ $ 42,900 F 0 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 264,900 164,900 Fixed costs U 100,000 0 100,000 $ 100 $ 42,900 $ 43.000 $ 42.900 $ 100 Operating income U F 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 the appropriate field. If the variance is zero, do not select a label. Abbreviation used: CM = contribution margin.) Total flexible-budget variance Total sales-volume variance Total static-budget variance $ 0 $ 42,900 U $ 42,900 F 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 $ 5.50 per unit. The budgeted selling price is $ 3.20 per unit The actual variable cost is $ 3.46 per unit. The budgeted variable cost is $ 2.10 per unit. 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 in direct material prices. (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 by approximately 58 % bringing about an offsetting flexible-budget revenue variance increased