Top managers of Canyon Lid. predicted the following year's sales of 149,500 units of its product at a unit price of $8.40. Actual sales for the year were 140,000 units at $10.80 each. Variable expenses were budgeted at $2.55 per unit, and actual variable expenses were $3.15 per unit. Actual fixed expenses of $430,000 exceeded budgeted fixed expenses by $20,000. Prepare Canyon Lid.'s income statement performance report. What variance contributed most to the year's favourable results? What caused this variance? Prepare Canyon Lid.'s income statement performance report. (For accounts with a zero balance, make sure to enter "0" in the appropriate column. Label each variance as favourable (F) or unfavourable (U). If the variance is zero, do not select a label.) Canyon Ltd. Income Statement Performance Report For the Year Flexible Budget for Actual Results at Flexible Budget Actual Number of Sales Volume Static (Master) Actual Prices Variance Output Units Variance Budget Output units Sales revenue Variable expenses Fixed expenses Total expenses Operating income What variance contributed most to the year's favourable results? What caused this variance? The variance contributing most to the year's excellent results is the variance for V. This variance resulted from the company's product at -than-expected prices