Bacoli Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Results Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income 7,100 units Expected production and sales Expected selling price per unit $ 750 Total fixed costs $1,300,000 Standard Quantity Standard Price Standard Unit Cost Direct materials 8 pounds $7 per pound $56 Direct manufacturing labor 3.3 hours $50 per hour $165 During 2020, actual number of units produced and sold was 5,800, at an average selling price of $780. Actual cost of direct materials used was $332,800 (64,000 pounds at $5.20 per pound). Actual direct manufacturing labor costs were $948,850 (17,500 actual direct manufacturing labor-hours at $54.22 per hour). Actual fixed costs were $1,160,000. There were no beginning or ending inventories. 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 2. Compute price and efficiency variances for direct materials and direct manufacturing labor