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Homework Chapter 10 Question 1, E10-22A (si... Part 1 of 2 HW Score: 0%, 0 of 3 points O Points: 0 of 17 Sav: Top managers of Canyon Ltd. predicted the following year's sales of 148,000 units of its product at a unit price of $8.60. Actual sales for the year were 141,500 units at $10.00 each. Variable expenses were budgeted at $2.20 per unit, and actual variable expenses were $3.15 per unit. Actual fixed expenses of $460,000 exceeded budgeted fixed expenses by $22,500. Prepare Canyon Ltd.'s income statement performance report. What variance contributed most to the year's favourable results? What caused this variance? unfavourable (U). If the variance is zero, do not select a label.) Canyon Ltd. Income Statement Performance Report For the Year Flexible Budget for Actual Results at Flexible Budget Actual Number of Actual Prices Variance Output Units 141,500 10 Sales Volume Variance Static (Master) Budget Output units 1,415.000 1,216,900 Sales revenue Variable expenses 1,272,800 445,725 325,600 325,600 Fixed expenses Total expenses Operating income