Exercise $14-25($Static$)$ Flexible Budgets and the Breakdown of the Master Budget Variance LO $14-2,14-3$ Assume that in October $2022$ the Schmidt Machinery Company $($Exhibit $14\mathrm{.}1)$ manufactured and sold $950$ units for $ $835$ eachDuring this month, the company incurred $$475,000$ total variable costs and $$180,000$ total fixed costs. The master budget data for the month are as given in Exhibit $14\mathrm{.}1$ Required: Prepare a flexible budget for the production and sale of $950$ units Compute for October $2022$ a $.$ The sales volume variance, in terms of operating income Indicate whether this variance was favorable or unfavorable b The sales volume variance, in terms of contribution marginIndicate whether this variance was favorable or unfavorable. $3.$ Compute for October $2022$ a $.$ The total flexible budget varianceIndicate whether this variance was favorable or unfavorable b The total variable cost flexible budget varianceIndicate whether this variance was favorable or unfavorable The total fixed cost flexible budget varianceIndicate whether this variance was favorable or unfavorable d The selling price variance Indicate whether this variance was favorable or unfavorable. Complete this question by entering your answers in the tabs below. Required $1$ Required $2$ Required $3$