2 Irvine Publications established the following standard price and costs for a hardcover picture book that the company produces. 3 4 Standard price and variable costs 5 Sales price $ 48.00 6 Materials cost $ 12.00 7 Labor cost $ 6.00 8 Overhead cost $ 8.40 9 Selling, general, and administrative costs $ 9.60 10 Expected fixed costs 11 Manufacturing overhead $ 180,000 12 Selling, general, and administrative 13 14 Irvine planned to make and sell 30,000 copies of the book. S 72,000 30,000 15 16 Required Complete the spreadsheet below to illustrate a static budget and a flexible budget for production 17 volumes of 28,000, 29,000, 30,000, 31,000, and 32,000. 28,000 29,000 30,000 31,000 32 18 Per Unit Static Standards Budget Flexible Budgets 19 20 Number of Units 21 Sales Revenue 22 Variable Manufacturing Costs Materials 23 24 Labor 25 Overhead 26 Variable Selling, general, and administrative 27 Contribution Margin 28 Fixed Costs 29 30 31 Manufacturing Overhead Selling, general, and administrative Net Income 32