Benson 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 costs Dianned fixed costs Manufacturing overhead Selling teneral and administrative 336.50 B. Bibu Si 6.4 $12.ee 900 Assume that Benson actually produced and sold 26,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling General, and administrativo corts actual fixed costs Manufacturing overhead Selling general and administrative $ 35.se 8. 3.5 5.95 6.26 $112 eee 55 cee Required 6. & b. Determine the flexible budget variances and also indicate whether each variance is favorable to unfavorable (U). Select "None" if there is no effect (.e. zero variance).) Flexiblo Budget Vanances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling general and administrative costs Contribution margin Food costs Manufacturing overhead Selling general, and administrative costs Net income Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Benson 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 costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $36.50 8.40 3.60 5.90 6.40 5132,000 49,000 Assume that Benson actually produced and sold 26,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, peneral, and administrative $35.50 8.60 3.50 5.95 5.20 $117.000 55,000 Required 3. & 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 (l.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling general, and administrative costs Contribution margin Fored cos Manufacturing overhead Selling general and administrative cont Net income