Please answer the followinf question.

Provide formulas/explanations where needed.

2) Please use the following data for problems #2-5: Onyx Company prepared a static budget at the beginning of the month. It's the end of the month and the company is analyzing actual results versus budget using flexible budget methodology. Data are as follows: Price: $80 Static budget: Sales volume: 1,000 units per unit Variable expense: $40 per unit $37,000 per month Fixed expenses: Price: $90 per Actual results: Sales volume: 990 units unit Variable expense: $45 per unit $34,000 per month Fixed expenses: Complete the grid below to calculate the variances and then answer the following questions. Sales Static Actual Flexible Actual Flexible Volume Budget Results 990 Variance 0 Budget 990 Variance 10 U Units/volume Sales revenue Budget 1,000 $80,000 40,000 Variable expenses ** = Contribution margin 40,000 Fixed - expenses 37,000 = Operating income/loss) $3,000 * price/unit **var cost/unit $90.00 $45.00 $80.00 $40.00 $80.00 $40.00 2) How much was the flexible budget variance for sales revenue? 3) How much was the flexible budget variance for Contribution Margin? 4) How much was the flexible budget variance for Operating Income/(Loss)? 5) How much was the Static budget variance for Operating Income/(Loss)