According to its original plan, Campbell Consulting Services Company plans to charge its customers for service at $131 per hour. The company president expects consulting services provided to customers to reach 49,000 hours at that rate. The marketing manager, however, argues that actual results may range from 42.000 hours to 56,000 hours because of market uncertainty Campbell's standard variable costs $46 per hour, and its standard fixed cost is $1,470,000. Required Develop flexible budgets based on the assumptions of service levels at 42,000 hours, 49,000 hours, and 56,000 hours. Flexible Budget Flexible Budget Flexible Budget 42,000 Hours 40.000 Hours 56,000 Hours Required Compute variances for the following items and indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" 11 there is no effect (I.e., zero variance).) Variance FORU Item Sales price Sales revenue Cost of goods sold Material purchases at 5,000 pounds Materials usage Production volume Wages at 4,000 hours Labor usage at $10 per hour Research and development expense Selling and administrative expenses Budget 5 664 $ 587.000 S 395,500 $ 282.000 190.500 lbs 1,020 units $ 81,400 $ 90.700 "$ 29,000 $ 60.500 Actual 5 532 $ 814,000 5 367,000 $ 200,500 185.000 lbs 036 units $ 50,400 5 98.400 $ 35.500 5 47,000 lbs units