The Utica Company produces engine parts for car manufacturers. A new accountant intern at Utica 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 "O" 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 Results Variance Budget Units sold 106,000 Revenues (sales) 683,700 470,000 Variable costs Contribution margin 213,700 151,900 Fixed costs 61,800 Operating income Data Table Performance Report Year Ended December 31, 2017 Actual Flexible Sales-Volume Static Flexible-Budget Variances Results Budget Variances Budget 92,000 Units sold 106,000 Revenues (sales) $ 683,700 470,000 299,000 147,200 Variable costs Contribution margin 213,700 151,900 151,800 90,000 Fixed costs $ 61,800 $ 61,800 Operating income 1 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