Check my work 7 Thornton Publications established the following standard price and costs for a hardcover picture book that the company produces. 2 points 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 $ 36.10 8.20 4.10 6.20 6.50 eBuck $134,000 50,000 Paint Assume that Thornton actually produced and sold 26,000 books. The actual sales price and costs incurred follow: References 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 $ 35.10 8.40 4.00 6.25 6.30 $119,000 56,000 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 (.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Check my work 7 Assume that Thornton actually produced and sold 26,000 books. The actual sales price and costs incurred follow: 2 points 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 $ 35.10 8.48 4.00 6.25 6.30 eBook $119,900 56,000 Print 0 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).) References Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrative costs Net income