1 Question 2 - Master Budget, Flexible Budget and Sales Volume Variances: 16 17 Product X Product Y 18 Units Sold 90,000 30,000 19 Selling Price per Unit $ 9 $ 15 20 Variable Costs per Unit $ 6 $ 9 21 Contribution Margin per Unit $ 3 $ 6 22 23 Actual Fixed Costs $40,000 24 25 26 Required: 27 28 Calculate the following 29 30 1. Budgeted Income Statement 31 32 2. Actual Income Statement 33 34 3. Master Budget Variance (difference between 1 and 2 above). 35 36 4. Flexible Budget Variance (create a budget assing 90,000 units of X and 30,000 units of Y were budgeted for.) 37 38 5. Sales Volume Variance (Difference between 3 and 4).