Read the case study and answer the questions below. Brimore Engineering Limited Brimore Engineering (BE) is a small engineering company located in the North East of England. It is a private limited company which has been owned by the Brimore family since 1987. The current Board of Directors has five directors. Three of these directors are sons of the original founder of the company, Bob Brimore. Although Bob is no longer on the Board and takes no active role in the management of BE, he still retains 30% of the ordinary shares in the business. His three sons each have a 15% shareholding, with the remaining 25% owned by two non-family directors who invested 1 million in the business in 2012 when the business had suffered its third consecutive year of making a loss. The capital provided by these two investors was used to invest in the latest production technology which reduced the size of the workforce by 20% and, by 2014, BE was once again a profitable business. Charlie Brimore is the Managing Director of BE and he has just been looking at some financial data that has been prepared by the Finance Director. (see Tables 1 and 2 below. Table 1: Budget and Actual Data for 2019 Budget Actual Sales (units) 320,000 357,000 Revenue () 1,584,000 1,660,050 Cost of sales () 336,000 381,990 Gross profit 1,248,000 1,278,060 Wages () 432,000 478,800 Overheads 285,000 285,000 Profit for year () 531,000 514,260 Dividends () 320,000 386,700 Retained earnings () 211,000 127,560 1. Explain the significance of calculations of budget variances. 2. Use the data provided in Table 1 to assess BE's performance in 2019. 3. What was the budgeted and actual selling price per unit