A B C D E F G H K L M N 1 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 12 Selling, general, and administrative $ 180,000 $ 72,000 13 14 Irvine planned to make and sell 30,000 copies of the book. 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. 18 28,000 29,000 30,000 31,000 32,000 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 Manufacturing Overhead Selling, general, and administrative 29 30 31 Net Income 32 33 Per Unit Standards Static Budget Flexible Budgets