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Budget Variance AnalysisNore Inc. produced 80,000 units, 8,000 more than budgeted. Production data are as follows.Except for physical units, all quantities are in dollars.Physical UnitsSalesVariable CostsContribution MarginFixed CostsOperating IncomeActualResults80,000Revenue &SpendingVariances6,400FlexibleBudgetF492,000ActivityVariancesPlanningBudget72,000720,000480,00030,000U150,000138,0001. In Excel, complete the schedule (determine values for all areas shaded in yellow).2. Indicate whether variances are favorable (F) or unfavorable (U) where applicable.3. Give a brief summary explanation of why the original target income was not attained.
