1. Edison Electronics produces wireless headphones. Management planned to make and sell 9,000 sets of headphones during the year and determined the standard price and cost data to be as follows: Standard price and variable costs Sales Raw Materials Direct Labor Overhead Planned fixed costs Manufacturing overhead | Selling, general and administrative costs $135.00 per unit $33.20 per unit $42.50 per unit $19.70 per unit $98,000 $138,000 Edison Electronics actually produced and sold 9,700 sets of headphones for the year. Actual sales and costs for the year were as follows: $1,285,300 Sales Variable costs Raw Materials Direct Labor Overhead Fixed costs Manufacturing overhead Selling, general and administrative costs $335,600 $405,500 $180,400 $102,500 $134,800 Regulred: Prepare the static budgeted income statement showing the sales and each cost line as a separate line item in the income statement (note--amounts in the budgeted income statement should be the extended amounts and not the per unit prices and costs) Compare the actual income statement amounts with the amounts in the budgeted Income statement and determine the amount of each variance and indicate whether each variance is favorable or unfavorable