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Lambeth, Inc., produces the basic fitings used in many popular frozen desserts and treats-vanilla and chocolate ice creams, puddingh, meringues. and fudge. Carcade unes itantand coatng and no inventory from one month to the next. The ice-cream product group's fesilts for June 2020 were as follows: (Click the icon to view the renults.) Read the moguirements Requirements 1 and 2. Calculate the statio budget variance in units, revenues, variable manutacturing costs, and contribution maggin. What percentage is each statcobuget variance melabive to t static-budget amount? Break down each static-budget variance into a floxble-budget variance and a sales--olume valiance. Begin with the flexble budget columns, then enter in the sales volume variance and state budget variances. Finally, compule the static budget varance as a perenesge of the stase tudget Label whole dollar and percenteges to two decimal places, . .) Data table John Finkel, the business manager for ice-cream products, is pleased that more pounds of ice cream were sold than budgeted and that revenues were up. Unfortunately, variable manufacturing costs went up, too. The bottom line is that contribution margin declined by $35,700, which is just over 1% of the budgeted revenues of $2,586,600. Overall, Finkel feels that the business is running fine. Requirements 1. Calculate the static-budget variance in units, revenues, variable manufacturing costs, and contribution margin. What percentage is each static-budget variance relative to its static-budget amount? 2. Break down each static-budget variance into a flexible-budget variance and a sales-volume variance. 3. Calculate the selling-price variance. 4. Assume the role of management accountant at Lambeth. How would you present the results to John Finkel? Should he be more concerned? If so, why