Emerald Statuary manufactures bust states of famous historical figures. Al statues are the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sales volume variance and flexible-budget variance for operating income. Begin with the actual results, the complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a 50 balance, make sure to enter in the appropriate fold the variance is zero, do not select a label) SAT Sales Volume Actual Results Flexible-Budget Variance Flexible Budget Static Budget Variance Output units Revenues hts for Direct mata Direct manufacturing labor Fixed costs Total costs Operating income Rendement and M arine et mand in mandat Choose from any list or enter any number in the input s and then continue to the next question Save for Later ne sales-volume variance and flexible-budget variance for operating income. 5, then complete the fi e, make sure to enter fiance as favorable (F) or unfa A Data Table Actual Results Expected production and sales Expected selling price per unit Total fixed costs $ $ 7,000 units 680 1,400,000 Print Done ) labor Re Data Table zuirements. 0 Data Table 5) or unfa Direct materials Direct manufacturing labor Standard Quantity 10 pounds 3.7 hours Standard Price $8 per pound $50 per hour Standard Unit Cost $80 $185 During 2017, actual number of units produced and sold was 4,800, at an average selling price of $720. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Print Print Done Done nent 1. Calculate the sales volume variance and flexible-budget variance for operating income th the actual results, then co is with a $0 balance, makes orable (F) or unfavorable (U). Requirements ut units 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 labor. enues oct materials rect manufacturing labor Print Done xed costs