Top managers of Smith Industries predicted 2018 sales of 14,900 units of its product at a unit price of $8.50. Actual sales for the year were 14,500 units at $10.50 each. Variable costs were budgeted at $2.60 per unit, and actual variable costs were $2.70 per unit. Actual fixed costs of $43,000 exceeded budgeted fixed costs by $5,000. Prepare Smith'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 (Fy/Unfavorable (U) input blank.) Smith Industries Flexible Budget Performance Report For the Year Ended December 31, 2018 2 3 4 5 (3) - (5) Sales Budget Amounts Per Unit (1)-(3) Flexible Budget Variance Flexible Static Actual Results Volume Variance Budget 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? V. This variance resulted from selling The variance contributing most to the year's excellent results is the favorable the company's product at