Student Finance (StuFi) is a start-up that aims to use the power of social communities to transform the student loan market. It connects participants through a dedicated lending pool, enabling current students to borrow from a school's alumni community. StuFi's rev- enue model is to take an upfront fee of 40 basis points (0.40%) eachfrom the alumni investor and the student borrower for every loan originated on its platform. StuFi hopes to go public in the near future and is keen to ensure that its financial results are in line with that ambition. StuFi's budgeted and actual results for the third quarter of 2017 are presented below. Page Layout в Insert Formulas Data Review View Home Static Budget Actual Results 1. New loans originated Average amount of loan Variable costs per loan: Professional labor Credit verification 8,200 10,250 $145,000 $162,000 4 $360 (8 hrs at $45 per hour) $475 (9.5 hrs at $50 per hour) $100 $100 Federal documentation fees $125 $120 Courier services 9 Administrative costs (fixed) 10 Technology costs (fixed) $50 $800,000 $1,300,000 $54 $945,000 $1,.415,000

Required: Calculate all variances and prepare an operating statement for the month endedJune 2015  by using the following table format.   Sales variances £ Favourable (F)/Adverse (A) Sales price variance:                       Sales volume variance:                       Total sales variance       Direct material variances £ Favourable (F)/Adverse (A) Material price variance:                       Material usage variance:                       Total direct material variance       Direct labour variances £ Favourable (F)/ Adverse (A) Labour rate variance:                       Labour efficiency variance:                       Total direct labour variance       Variable overhead variances £ Favourable (F)/ Adverse (A) Variable…

prepare an income statement for last year using variable costing

Budget