Exercise 15-8 Determining flexible budget variances LO 15-3, 15-5 Thornton Manufacturing Company established the following standard price and cost data $ 8.80 per unit $ 3.30 per unit $2,300 total $1,000 total Sales price Pixed manufacturing cost Thornton planned to produce and sell 2,800 units. Actual production and sales amounted to 3,000 units. Assume that the actual sales price is $8.50 per unit and that the actual variable cost is $3.55 per unit. The actual fixed manufacturing cost is $1,700, and the actual selling and administrative costs are $1,025. Required a.&b. Determine the flexible budget variances and classify the effect of each variance by selecting favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e.. zero variance).) Flexible Budget and cost Net Ill 3 of 6 Next >