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Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2021: B (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labour: B (Click the icon to view the direct materials and direct manufacturing labour data.) Required variance for operating income. Static budget data Direct materials and direct manufacturing labour data hns and the static budget columns the appropriate field. If the varia Standard Price Expected production and sales Sales-Volume Variance Standard Unit Cost Flexible Budget 6,400 units Standard Quantity 12 kilograms $11 per kilogram $132 Expected selling price per unit $ 715 Direct materials Direct manufacturing labour 3.8 hours $30 per hour $114 Total fixed costs $ 1,450,000 During 2021, actual number of units produced and sold was 5,200, at an average selling price of $740. Actual cost of direct materials used was $693,550, based on 71,500 kilograms purchased at $9.70 per kilogram. Direct manufacturing labour-hours actually used were 18,000, at the rate of $32.40 per hour. As a result, actual direct manufacturing labour costs were $583,200. Actual fixed costs were $1,240,000. There were no beginning or ending inventories. Print Done Operating income Print Done Palermo Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2021: E: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labour: B (Click the icon to view the direct materials and direct manufacturing labour data.) Required Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, and then complete the flexible budget columns and the static budget columns. Label each variance as favourable (F) or unfavourable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Budget Variance Budget Output units Required Revenues 1 Direct materials 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 2. Compute price and efficiency variances for direct materials and direct manufacturing labour. Direct manufacturing labour Fixed costs IIIII Total costs Operating income Print Done