The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty has accidentally del following table is what remains of the data. (Click the icon to view the data.) Read the requirements not select a label. Round your answers to the nearest whole dollar.) Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Actual Flexible Sales-Volume Static Sales-Volume Variances Flexible-Budget Variance 0 Results 110.000 Static Budget 97,000 Results 110,000 Budget 110,000 Variance 13,000 Budget 97,000 Units sold F Revenues (sales) $ S Units sold Revenues (sales) $ F S 396,000 $ 687.500 $ 480,000 291,500 249,000 46,800 27,300 687,500 480,000 FS U 349,200 203,700 349,200 203,700 Variable costs U Variable costs Contribution margin 231,000 Contribution margin 42,500 F 165.000 207,500 172,000 19,500 145,500 110,000 F 207,500 172,000 145,500 110,000 Fixed costs 62.000 U 110,000 Fixed costs 0 $ 35,500 S 35,500 Operating income $ 35,500 $ Operating income 19.500 S U 55,000 $ 19,500 F FS 35,500 Requirements Calculate the total static budget variance to verify your work is accurate. Determine the labels and then enter the amounts the variance is zero, do not select a label. Abbreviation used: CM = contribution margin.) + Total static-budget variance + Choose from any list or enter any number in the input fields and then click Check Answer. 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is SO.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? ? 6 parts Clear All remaining