Top managers of Cole Industries predicted 2024 sales of 14.700 units of its product at a unit price of $7.50. Actual sales for the year were 14,200 units at $12.50 each. Variable costs were budgeted at $2.50 per unit, and actual variable costs were $2.70 per unit. Actual fixed costs of $47.000 exceeded budgeted fixed costs by $3,500. Prepare Cole's flexible budget performance report. What variance contributed most to the year's favorable results? What caused this variance? Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute the total variances. (Enter a "0" for any zero balances. For any $0 variances, leave the Favorable (F/Unfavorable (U) input blank.) Cole Industries Flexible Budget Performance Report For the Year Ended December 31, 2024 1 2 3 4 5 (3) - (5) Sales Budget Amounts (1)-(3) Flexible Budget Variance Actual Flexible Volume Static Per Unit Results Budget Variance Budget Units Sales Revenue Variable Costs Contribution Margin Fixed Costs Operating Income What variance contributed most to the year's favorable results? What caused this variance? The variance contributing most to the year's excellent results is the favorable This variance resulted from selling the company's product at Next