Please complete all requirements. Requirements 1,2,3

= Homework: Chapter 7 Exercises Question 1, E7-24 (simil. Part 1 of 9 HW Score: 0%, 0 of 20 points O Points: 0 of 4 O Save The Utica Company produces engine parts for car manufacturers. A new accountant intern at Utica 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. E (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 Flexible-Budget Variance Data table Budget Results 99,000 Units sold Revenues (sales) $ 693,000 450,000 Variable costs Performance Report Year Ended December 31, 2017 Flexible-Budget Flexible Variances Budget Actual Sales-Volume Static Contribution margin 243,000 216,600 Variances Fixed costs Results 99,000 Budget 92,000 $ 26.400 Operating income Units sold Revenues (sales) $ S 693.000 450.000 377,200 220,800 Variable costs Contribution margin 1900 Requirements 243,000 216,600 156,400 130,000 Fixed costs $ 26,400 $ 26,400 Operating income 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