Emerald 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 2017: Standard quantities, standard prices, and standard ur BEE (Cack the icon to view the data) Data table Re Expected production and sales 7,000 units Be Expected selling price per unit S 680 20 Total fixed costs $ 1,400,000 Print Done Data table Direct materials Direct manufacturing labor Standard Quantity 10 pounds Standard Price $8 per pound Standard Unit Cost 500 3.7 hours $50 per hour $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 $302,700, 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 Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U) zero, do not select a label.) Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Actual Results Flexible-Budget Variance Flexible Sales-Volume Static Budget Variance Budget Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance