2. The following information is from HIKE Manufacturing's static budget for 2018: Expected production and sales :500,000 units Expected selling price per unit : $65 Expected variable manufacturing overhead costs : $9.000.000. ($30/direct manufacturing labour hour, 300,000 hours) Expexted total fixed manufacturing costs $6,000,000 Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: Standard Quantity Standard Price Standard Unit Cost Direct materials 2 m2 $6 per m2 $12 Direct manufacturing labor 0.6 hours $25 per hour $15 During 2018, actual number of units produced and sold was 490,000, at an average selling price of $62. Actual cost of direct materials used was $6.071.100, based on 1,029,000 m purchased at $5.9 per m2. Direct manufacturing labor-hours actually used were 343,000, at the rate of $26 per hour. As a result, actual direct manufacturing labor costs were $8.918.000. Actual variable overhead costs were $10,633,000 and actual fixed costs were $6,200,000. There were no beginning or ending inventories. Required: a) Calculate the flexible-budget variance for operating income. b) Compute price and efficiency variances for direct materials and direct manufacturing labor, variable overhead spending variance, va able overhead efficiency variance, fixed overhead spending iance, fixed overhead production volume variance