0 Data Table lices, and standard unit jes of famous histo mount of resource ata.) met data.) Expected production and sales Expected selling price per unit Total fixed costs $ $ 7,000 units 680 1,400,000 me variance and fi Data Table Direct materials Direct manufacturing labor Standard Quantity 10 pounds 3.7 hours Standard Price 58 per pound $50 per hour Standard Unit Cost $80 $185 During 2017, actual number of units produced and sold was 4,800, at an average selling price of $720. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Print Done Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (F variances with a $0 balance, make sure to enter "o" in the appropriate field. If the variance is zero, do not select a label) Static Actual Results Flexible-Budget Variance Flexible Budget Sales-Volume Variance Budget Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Emerald Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: Click the icon to view the static budget data.) Standard quantities, standard prices, and star materials and direct manufacturing labor (Click the icon to view the data.) Read the requirements Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income acturing labor Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance