as ICE Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general & administrative Contribution margin Fixed costs P Required a. & 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).) Manufacturing overhead Selling, general & administrative Net income 07.00 18.40 8.80 12.70 14.00 $250,000 116,000 Flexible Budget Variances