Top managers of Smith Industries predicted 2024 sales of 14 900 units of its product at a unit price of $8.50. Act by $5,000 Prepare Smith's flexible budget performance report. What variance contributed most to the year's favorable result Prepare a flexible budget performance report for the year. First, complete the flexible budget performance report t (F/Unfavorable (U) input blank) ct at a unit price of $8.50. Actual sales for the year were 14,800 units at $10.50 each Variable costs were budgeted at $270 per unit, and actu est to the year's favorable results? What caused this vanance? ble budget performance report through the contribution margin line, then complete the report through the operating income line. Finally, compute Es were budgeted at $2.70 per unit, and actual variable costs were $2.80 per unit. Actual fixed costs of $45,000 exceeded budgeted fixed costs the operating income line. Finally, compute the total variances (Enter a "O" for any zero balances. For any $0 variances, leave the favorable Prepare a flexible budget performance report for the year First, complete the flexible budget performance report through the contabution (Fy/Unfavorable (U) input blank) Smith Industries Flexible Budget Performance Report For the Year Ended December 31, 2024 3 4 5 (3) - 5) Sales Flexible Budget Amounts Volume Static Actual Results Budget Variance Flexible Budget Per Unit Variance Budget Units Sales Ravorite Variable costs Contribution Margin