Fermo Statuary manufactures hus statues af famais historical figures. Al statues and the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2020: B Click the icon to view the static budget dala. Standard quantities, standard prices, and standard unit casts follow for direct materials and direct manufacturing Labor: (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sake valume variance and flexible budget variance for operating income Begin with the actual results, then complete the flexible budget columns and the static budget columne. Label each variance se favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriale field. If the variance is zero, do not select a label.) Actual Flexible-Budget Flexible Sales Volume Static Results Variance Budget Variance Budget - X Data Table Output units Revenues Direct materials Direct manufacturing labor Standard Quantity Standard Price Standard Unit Cost Direct materials 12 pounds 311 per pound 5132 Direct manufacturing labor 3.8 hours $20 per hour $114 During 2020, actual number of units produced and sold was 5.200, at an average selling price of S710. Aclual cost of direct materials used was $693,550 (71,500 paunius al 89.70 per pound). Actual direct manufacturing labor costs were $583,200 (18.000 actual direct manufacturing labor-hours at $32.40 per hour). Actualttad costs were $1,180,0CD. There were no bagnning or ending inventaries Fixed costs Ti Operating income Requirement 2. Campule price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label esch variance as favorable (F) or unfavorable (U). -X Data Table 8,800 units Price variance Efficiency variance Compute the price and efficiency variances for direct manufacluring labor. Label each variarice as favorable (F) or unfavorable (U). Prle variance Efficiency variance Expected production and sales Expected selling price per unit Total fixed costs $ 686 $1,350 CIDA