4 Exercise 15-8 Determining flexible budget variances LO 15-3, 15-5 eBook Cherokee Manufacturing Company established the following standard price and cost cata. Sales price $12.00 per unit Variable manufacturing cost $ 7.20 per unit Fixed manufacturing cost $3,600 total Fixed selling and administrative cost $1,200 total Pent References Cherokee planned to produce and sell 2.000 units. Actual production and sales amounted to 2.200 units. Assume that the actual sales price is $11.76 per unit and that the actual variable cost is $6.90 per unit. The actual fixed manufacturing cost is $3,000, and the actual selling and administrative costs are $1,230. Required 9.&b. Determine the flexible budget variances and classify the effect of each variance by selecting favorable (P) or unfavorable (U). (Select "None" if there is no effect fi.e., zero variance).) Flexible Budget Variances Sales Variable manufacturing Contribution margin Fixed manufacturing Fixed selling and administrative cost Net income foss)