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 36.88 Materials cost 8.70 Labor cost 3.98 Overhead cost 6.08 Selling, general, and adninistrative costs Planned fixed costs 7.10 $125,000 54,eee Manufacturing overhead Selling, general, and adninistrative Assume that Adams actually produced and sold 31,000 books. The actual sales price and costs Incurred follow: Actual price and variable costs Sales price 35.80 Materials cost 8.98 Labor cost 3.80 Overhead cost 6.05 Selling, general, and adninistrative costs Actual fixed costs 6.98 Manufacturing overhead $110.e08 68,e00 Selling, general, and administrative Assume that Adams actually produced and sold 31,000 books. The actual sales price and costs Incurred follow: Actual price and variable costs Sales price Materials cost 35.88 8.98 Labor cost 3.88 Overhead cost 6.05 Selling, general, and adninistrative costs Actual fixed costs 6.98 Manufacturing overhead Selling, general, and administrative $110,e0e 68,e00 Required a. & b. Determlne the flexible budget varlances and also Indicate the effect of each varlance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (Le., zero varlance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income