Will Wheaton took over as CEO of Arthur Jeffries Inc., after the untimely passing of the company's founder. The following information is available. Answer here: Total Flexible Budget Variance Total Sales Volume Variance Budget Actual Units 19,500 18,000 Sales revenue $2,925,000 $2,880,000 Less variable costs: COGS $1,170,000 $1,116,000 Salary & Wages Administrative Total variable costs Contribution margin Less fixed costs: Salary & Wages 321,750 288,000 39,000 40,500 $1,530,750 $1,444,500 $1,394,250 $1,435,500 $1,000,000 $1,000,000 Administrative 300,000 $300,000 Insurance 25,000 25,000 Total fixed costs $1,325,000 $1,325,000 Operating Income $69,250 $110,500 Required: Prepare a performance report which provides details on (1) Sales Volume Variance; and, (2) Flexible Budget Variance. Be sure to indicate whether each variance is favorable or unfavorable