Campbell 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 overhond Selling, general, and administrative $36.50 8.30 3.70 5.90 6.20 $133,000 49,000 Assume that Campbell actually produced and sold 33,000 books. The actual sales price and costs incurred follow: Actual price and variable conta Sales price Materials cont Labor cont Overhead cont Selling, general, and administrativa conta Actual fixed costa Manufacturing overhead Selling, general, and administrative 35.50 8.50 3.60 5.95 6.00 $118,000 55,000 Renuired Assume that Campbell actually produced and sold 33,000 books. The actual sales price and costs incurred follow. Actual price and variable coats Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 35.50 8.50 3.60 5.95 6.00 $118,000 55,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or unfavorable (U). (Selec "None" if there is no effect (.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing over Selling, general, and administrative costs Net income Required a. & b. Determine the flexible budget variances and also Indicate whether each va "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor F None U Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income