Toyworld manufactures and sells a line of toys. The toys are primarily distributed through department stores. As president of Toyworld, you wanted to analyze Toyworld's profitability. Your capable assistant provided you with the following data: Selling price, per unit Variable manufacturing cost, per unit Variable marketing and administrative expenses, total Fixed manufacturing cost, total Fixed marketing and administrative expenses, total Sales volume, in units * 5% of sales revenue Static/Master Actual $20.ee 11.00 9,000 34,500 40,000 9, eee Budget $21.ee 12.ee 11,550 36,000 44,Beel 1e, eee Required: a) Your assistant has requested you to complete the "Flexible Budget" and "Static/Master Budget" columns of the analysis, reproduced below (She had to attend to an out-of-town emergency): a) Your assistant has requested you to complete the "Flexible Budget" and "Static/Master Budget" columns of the analysis, reproduced below (She had to attend to an out-of-town emergency) Actual Results 10,000 $210, eee Flexible Budget $ $ Static/Master Budget $ Units sold Revenues (sales) Variable expenses: Manufacturing Marketing and administrative $ $ $120,000 11,550 $131,550 $78,450 $ $ $ $ Contribution margin Fixed expenses: Manufacturing Marketing and administrative $36,000 44,000 $80,000 ($1,550) $ $ $ $ $ $ Operating income (loss) b) Calculate the following variances: flexible budget variance, sales volume variance, and total static budget variance