Adams Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.30 Materials cost 8.20 Labor cost 4.40 Overhead cost 5.80 Selling, general, and administrative costs 6.30 Planned fixed costs Manufacturing overhead $125,000 Selling, general, and administrative 54,000 0 Answer is complete but not entirely correct. Sales revenue $ 22,000 0 U 0 Variable manufacturing costs Materials 4,400 0 U 0 Labor 2,200 9 F 0 Overhead 1,100 0 U 0 Selling, general,and administrative costs 4,400 o F 0 Contribution margin 9,900 6 U o Fixed costs Manufacturing overhead 15,000 0 F 0 Selling, general, and administrative costs 6,000 0 U 0 Net income $ 11.100 Q U o Assume that Adams actually produced and sold 22,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.30 Materials cost 8.40 Labor cost 4.30 Overhead cost 5.85 Selling, general, and administrative costs 6.10 Actual fixed costs Manufacturing overhead $110,000 Selling, general, and administrative 60,000 Required 3. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)