Balrd 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 overhead Selling, general, and administrative 36.90 8.40 4.50 6.10 6.70 $132,000 50,000 Assume that Baird actually produced and sold 26,000 books. The actual sales price and costs incurred follow: hetual price and variable costa Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative cont Actual fixed costs Manufacturing overhead Selling, general, and administrative $ 35.90 B.60 4.40 6.15 6.50 $117,000 56,000 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 solling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrative costs Net income