The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty has...

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The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty 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. 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.) Flexible-Budget Actual Results Variance Flexible Budget Sales-Volume Variance Units sold 110,000 110,000 Revenues (sales) $ 687,500 450,000 Variable costs Contribution margin 237,500 Fixed costs 153,300 84,200 Operating income Static Budget 94,000 $ 338,400 169,200 169,200 85,000 84,200 Calculate the total static-budget variance to verify your work is accurate. Determine the labels and then enter the amounts to calculate the static-budget variance. (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. Abbreviation used: CM = contribution margin.) Total static-budget variance Requirement 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? (Round your answers to the nearest cent.) The actual selling price is $ per unit. The budgeted selling price is $ per unit. The actual variable cost is $ per unit. The budgeted variable cost is $ per unit. Choose from any list or enter any number in the input fields and then continue to the next question. The Liberty Company produces engine parts for car manufacturers. A new accountant intern at Liberty 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. 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.) Flexible-Budget Actual Results Variance Flexible Budget Sales-Volume Variance Units sold 110,000 110,000 Revenues (sales) $ 687,500 450,000 Variable costs Contribution margin 237,500 Fixed costs 153,300 84,200 Operating income Static Budget 94,000 $ 338,400 169,200 169,200 85,000 84,200 Calculate the total static-budget variance to verify your work is accurate. Determine the labels and then enter the amounts to calculate the static-budget variance. (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. Abbreviation used: CM = contribution margin.) Total static-budget variance Requirement 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? (Round your answers to the nearest cent.) The actual selling price is $ per unit. The budgeted selling price is $ per unit. The actual variable cost is $ per unit. The budgeted variable cost is $ per unit. Choose from any list or enter any number in the input fields and then continue to the next question.