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Question #1 (40 Marks) ABC Company manufactures chairs for the retail market. The December budgeted amounts were to manufacture 28,000 chairs, at a variable cost of $60 per chair. The budgeted total fixed costs were $575,000 and the budgeted selling price per chair was $120. The actual sales were 25,500 chairs that were sold for $125 each. The actual total variable costs were $1,912,500 and the actual fixed costs were $525,000. Required: