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: Expected production and sales Expected selling price per unit Total fixed costs 7,000 units S 680 $1,400,000 Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: Standard Quantity Standard Price $ 8 per pound S50 per hour $185 Standard Unit Cost Direct materials 10 pounds S 80 Direct manufacturing labor 3.7 hours During 2017, actual number of units produced and sold was 4,800, at an average selling price of S720. 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 per hour. s a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Required: 1. Cal 2. Co culate the sales-volume variance and flexible-budget variance for operating income. mpute price and efficiency variances for direct materials and direct manufacturing labor