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 2020: (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, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For varlances with a $0 balance, make sure to enter "o" in the appropriate field. If the variance is zero, do not select a label.) Actual - X Data Table Results Output units Revenues Direct materials Direct manufacturing labor Standard Quantity 10 pounds 3.7 hours Standard Price 58 per pound $50 per hour Standard Unit Cost 580 $185 Direct materials Direct manufacturing labor Fixed costs During 2020, actual nurnber of units produced and sold was 4,800, at an average selling price of $720. Actual cost of direct materials used was $392,700 (66,000 pounds at $5.95 per pound). Actual direct manufacturing labor costs were $878,400 (18,300 actual direct manufacturing labor-hours at $48.00 per hour). Actual fixed costs were S1,170,000. There were no beginning or onding inventories Total costs Requirements Operating income - X Data Table 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. Expected production and sales Expected selling price per unit Total fixed costs 7.000 units 680 $ $1,400,000 Print Done