Reference no: EM132510826

Onyx Company prepared a static budget at the beginning of the month. It's the end of the month and the company is analyzing actual results versus budget using flexible budget methodology. Data are as follows:

Static budget: Sales volume: 1,000 units Price: $80 per unit

Variable expense: $40 per unit Fixed expenses: $37,000 per month

Actual results: Sales volume: 990 units Price: $90 per unit

Variable expense: $45 per unit Fixed expenses: $34,000 per month

Complete the grid below to calculate the variances and then answer the following questions. - The grid is attached.

Question 1) How much was the flexible budget variance for sales revenue?

Question 2) How much was the flexible budget variance for Contribution Margin?

Question 3) How much was the flexible budget variance for Operating Income/(Loss)?

Question 4) How much was the Static budget variance for Operating Income/(Loss)?