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 (Click the icon to view the static budget data) Standard quantities, standard prices, and standard unt costs follow for direct matenais and deect manufacturing labor (Cack 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, then complete the flexible budget columns and the static budget columns Label each vanance as favorable (F) or unfavorable (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) Output units Revenues Direct maternals Direct manufacturing labor Fixed costs Total costs Operating income: Actual Results Flexible-Budget Variance Flexible Budget Sales-Volume Variance Static Budget