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 Materials cost Labor cost Overhead cost Selling, general, and administrative coats Planned fixed costs Manufacturing over head Selling, general, and administrative $36.40 8.90 4.30 6.10 6.40 $131,000 49,000 Assume that Adams actually produced and sold 29,000 books. The actual sales price and costs incurred follow, tos Netual price and variable conta Sales price Materials cost Labor cont Overhead cont Selling general, and administrative cost Actual fixed cost Manufacturing overhead Selling general, and administrative $ 35.40 9.10 4.20 6.15 6.20 5116,000 55,000 Required 4.& 5. Determine the flexible budget variances and also indicate whether each variance is favorable (P) or unfavorable (L). (Select "None" If there is no effect (le, zero variance):) Flexible Budget Variances Sales revenue Variable manufacturing coats Marine Required a.& b. Determine the flexible budget variances and also indicate whether each variance Is favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable soling, general, and administrative couts Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Not income