Managers at Waterway, Inc. were cautiously optimistic about receiving their bonuses at year-end. Periodic communications from the top noted that the sales team had been exceeding targets throughout the year, which led to steady production activity to keep pace. Managers knew that a company profit margin of 15% meant bonuses for everyone. The production crew had been managing costs well but wasn't sure where final costs would land with the sales volume higher than planned. The following information outlines actual and budgeted results for the year. Prepare Waterway's flexible budget and actual income statement for the year. Determine the flexible budget variances and sales price variance, noting the amount and sign for Did the company hit its target profit margin? (Round answers to 2 decimal places, e.g. 15.25\%.) The company its 15% profit margin target 
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