Baird Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.10 Materials cost 9.00 Labor cost 4.00 Overhead cost 5.50 Selling, general, and administrative costs 6.60 Planned fixed costs Manufacturing overhead $ 127,000 Selling, general, and administrative 48,000 Assume that Baird actually produced and sold 24,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.10 Materials cost 9.20 Labor cost 3.90 Overhead cost 5.55 Selling, general, and administrative costs 6.40 Actual fixed costs Manufacturing overhead $ 112,000 Selling, general, and administrative 54,000

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).)