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 17,000 13,000 May budget $30,000 18,000 12,000 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 3,300 3,000 1,000 330 130 2,000 500 250 10,510 3,000 3,000 1,500 300 100 2,000 600 200 10,700 $ 2,490 $ 1,300