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Q. Aspects Ltd produces picture frames. A new accountant intern at Aspects Ltd...

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Q. Aspects Ltd produces picture frames. A new accountant intern at Aspects Ltd has accidentally deleted the calculations on the company's variance analysis calculations for the year ended 31 December 2019. The following table is what remains of the data: File Insert Home Page Layout Formulas Data Review View Add-ins C D Performance report, year ended 31 December 2019 Flexible-budget Flexible budget variances Sales-volume variances 4 JUnits sold 5 Revenues (sales) 6 Variable costs 7. Contribution margin 8 Fixed costs | 9 Operating profit Actual results 130 000 $715 000 515 000 200 000 140 000 $ 60 000 Static budget 125 000 $420 000 240 000 180 000 120 000 $ 60 000 Task 3: Refer to the information above and answer the question 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Task 4: Refer to the information above and answer the questions 2. What are the actual and budgeted selling prices? What are the actual and budgeted variable costs per unit? Task 5: Refer to the Information above and answer the questions 3. Review the variances you have calculated and discuss possible causes and potential problems. What is the important lesson learned here

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