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 overhead Selling, general, and administrative $36.80 8.20 3.70 5.70 7.10 $127,000 50,000 Assume that Campbell actually produced and sold 37,000 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, general, and administrative $ 35.80 8.40 3.60 5.25 6.90 $112,800 56,000 Required and also indicate whether each variance is favorable (F) or unfavorable (U) 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 (.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, goneral, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrative costs Net Income