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7 points (One-half point each numbered question mark) The following information was pulled from McElroy Local Airline's general ledger for the year just ended. A budget prepared at the end of the previous year is provided below. The company saw sales skyrocket after a competitor went out of business. Actual results were as follows: 25,000 units were sold at an average price of $39 Costs for direct materials were $10 per pound; for direct labor were $20 per hour 60,000 pounds of direct materials and 6,000 hours of direct labor were used Variable Selling expenses were 5% of sales Fixed selling expenses were $35,000 Fixed overhead was $90,000 Required: Complete the following chart. Assume that in producing 25,000 units, McElroy's has not exceeded its relevant range. Standard cost Static budget Flexible budget actual Spending Variance Favorable or (10,000 units) amount Unfavorable? Revenue 36 360,000 (1?) (6?) (10?) (13?) Variable Costs 21 210,000 (2?) (7?) (11?) No answer needed Contribution Margin 15 150,000 (3?) (8?) (12?) (14?) Fixed costs 120,000 (4?) (9?) No answers needed Net Operating 30,000 (5?) Income before taxes 2 No answers Needed