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.

Required 1 Required 2 Using 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.) Flexible budget Master (static) Actual results 108,000 S 540,000 410,400 S 129,600 69,000 $ 60,600 Flexible-budget variances Sales volume variances bud Unit sales Sales Variable costs Contribution margin Fixed costs Operating income 100,000 500,000 300,000 200,000 83,000 117,000 Required 1 Required 2> Required 1Required 2 2. Based on your completed profit report, determine the dollar amount, and label (Favorable or Unfavorable)) each of the following variances for December: (If a variance has no amount, select "None" in the corresponding dropdown cell.) 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. Show less a. b. c. d. Total master (static) budget variance Total flexible-budget variance Sales volume variance, in terms of operating income Sales volume variance, in terms of contribution margin Selling price variance e. K Required 1 Required 2