Data table Performance Report, Year Ended December 31, 2020 Flexible Budget Actual Flexible-Budget Results Variances 105,000 Units sold Revenues (sales) 672,000 460,000 Variable costs Contribution margin 212,000 205,400 Fixed costs $ 6,600 Operating income Print Done ☑ Sales-Volume Variances Static Budget 92,000 299,000 202,400 96,600 90,000 $ 6,600
The Sodus Company produces engine parts for car manufacturers. A new accountant intern at Sodus has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. LOADING...(Click the icon to view the data.) Read the requirementsLOADING.... Question content area bottom Part 1 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.)
| Actual Results | Flexible Budget Variance | Flexible Budget | ||
| Units sold | 105,000 | |||
| Revenues (sales) | $672,000 | |||
| Variable costs | 460,000 | |||
| Contribution margin | 212,000 | |||
| Fixed costs | 205,400 | |||
| Operating income | $6,600 |
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