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Question 1: Caffeine Machines Inc. (14 marks) Please leave Column A blank so I can use it for marking. Caffeine Machines Inc. manufactures coffee makers. Here is some information related to its 2020 budget. Budgeted total sales dollars Budgeted average selling price per coffee maker Budgeted variable costs per coffee maker Budgeted fixed costs in total $ $ $ $ 1,196,000 40.00 24.00 284,800 At the end of 2020, Caffeine Machines Inc. had the following actual results for the 2020 year. $ Actual total sales dollars Actual # of coffee makers sold Actual total variable costs Actual total fixed costs 1,281,000 34,000 768,800 275,600 $ $ NOTE: If some of the data above is blank it means you haven't entered your student number on the Cover tab. Required: a. Prepare a performance report comparing actual results to budgeted results in contribution income statement format. Ensure that the report includes price and volume variances for revenue, variable costs, fixed costs and operating income (10 marks). b. Explain to Caffeine Machine's management team in words what made up the difference between budgeted operating income and actual operating income. Makes sure your explanation touches on changes in sales, variable costs, fixed costs and operating income. (4 marks)