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Assume that in October 2019 the Schmidt Machinery Company {Exhibit 14.1: manufactured and sold 980 units for $750 each. During this month, the company incurred $529,200 total variable costs and $181,300 total fixed costs. The master (static) budget data for the month are as given in Exhibit 14.1. Required: 1. Prepare a flexible budget for the production and sale of 980 units. 2. Compute for October 2019: a. The sales volume variance, in terms of operating income. Indicate whether this variance was favorable (F) or unfavorable (U1. b. The sales volume variance, in terms of contribution margin. Indicate whether this variance was favorable [F] or unfavorable [U]. 3. Compute for October 2019: a. The total flexiblebudget [FBi variance. Indicate whether this variance was favorable {F} or unfavorable (U). b. The total variable cost flexiblebudget variance. Indicate whether this variance was favorable (F) or unfavorable (U). c. The total xed cost flexiblebudget {PEI} variance. Indicate whether this variance was favorable (F) or unfavorable {U}. d. The selling price variance. Indicate whether this variance was favorable {F} or unfavorable {U}. Complete this question by entering your answers in the [lm below. Required 1 Required 2 Required 3