1. value 4.00 points Problem 10-9 Comprehensive Variance Analysis [L01, LO2, LO3] Portland Company's Ironton Plant produces precast ingots for industrial use. Carlos Santiago, who was recently appointed general manager of the Ironton Plant. has just been handed the plant's contribution format income statement for October. The statement is shown below: Budgeted Actual Sales (7.000 $ 255.000 $ 255.000 ingots) Variable expenses Variable cost of 85,400 104.590 goods sold* Variable selling 15,000 15,000 expenses Total variable 100.400 119,590 expenses Contributio 154.600 135.410 n margin Fixed expenses: Manufac turing 64,000 64,000 overhead Selling and 79.000 79,000 administrati ve Total fixed 143.000 143.000 expenses Net operating 11,600 $ (7.590) income (loss) "Contains direct materials, direct labor, and variable manufacturing overhead