Required: 1. Using text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. 2. Based on your completed profit report, determine the dollar amount, and label (Favorable or Unfavorable) each of the following variances for December: a. Total master (static) budget variance (also referred to as the total operating income variance for the period). b. Total flexible-budget variance. c. Sales volume variance, in terms of operating income. d. Sales volume variance, in terms of contribution margin. e. Selling price variance.

sing text Exhibit 14.4 as a guide, complete the missing parts of the following profit report for December. (If a variance has no amount, select "None" in the corresponding dropdown cell.)

	Actual results	Flexible-budget variances		Flexible budget	Sales volume variances		Master (static) budget
Unit sales	118,000						107,000
Sales	$590,000						$535,000
Variable costs	448,400						321,000
Contribution margin	$141,600						$214,000
Fixed costs	81,000						93,000
Operating income	$60,600						$121,000