= Homework: Chapter 7 Homework Question 1, E7-24 (similar to) Part 1 of 9 HW Score: 19.09%, 3.82 of 20 points Points: 0 of 4 Save The Sodus Company produces engine parts for car manufacturers. A new accountant intern at Sodus has accidentally deleted the calculations on the company's variance analysis calculations for the year ended December 31, 2017. The following table is what remains of the data. (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Flexible-Budget Results Variance 104,000 Units sold Revenues (sales) $ 676,000 460,000 Variable costs Requirements Flexible Budget 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here? Print Done Data table Actual Performance Report Year Ended December 31, 2017 Flexible-Budget Results Variances Flexible Budget Sales-Volume Variances Static Budget - X 104,000 99,000 Units sold Revenues (sales) S 676,000 $ 336,600 460,000 148,500 Variable costs Contribution margin 216,000 188,100 162,900 135,000 Fixed costs S 53,100 $ 53,100 Operating income Print Done