CASE STUDY QUESTION The operating results for the first Gretchen's Gimmicks and Gadgets Store were as listed in the following partially completed report. The budget figures are those that were developed in the problem in Chap. 9. Your mis- sion is to compute the variances (in dollars and percentages) for the third and fourth columns. In the last col- umn indicate F or U for favorable or unfavorable nature of the variance. Dollar variance Percent variance F/U May actual $30,000 17000 137000 May budget $30,000 18,000 12.000 3.100 3,000 30 Sales Cost of goods sold Gross profit Expenses Advertising Salaries Part-time help Delivery expense Fire insurance Rent Supplies Telephone Total expenses Net operating income 130 2.00 500 TO 270000 XO 20 10,700 20 10,510 $ 2.490 $1,300