Franklin Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price Katerials cost Labor cost Overhead cost Selling, general, and administrative costs $ 36.50 8.40 4.20 5.50 6.60 Planned fixed costs Kanufacturing overhead Selling, general, and administrative $133,000 54,000 Assume that Franklin actually produced and sold 32,000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Katerials cost Labor cost Overhead cost Se11ing, general, and administrative costs $35.5 8.60 4.10 5.55 6.40 Actual fixed coBts Kanufacturing overhead Selling, general, and administrative 118,000 60,000 Required a. & b. Determine the fiexible budget varlances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" If there is no effect (i.e., zero variance).) Flexiblo Budget Varlances Sales revonue Variable manufacturing costs Materials Actual price and variable costs Sales price Katerials cost Labor cost Overhead cost selling, general, and administrative costs $ 35.50 8.60 4.10 5.55 6.40 Actual fixed cost Manufacturing overhead Selling, general, and administrative $118,000 50,000 Required a. & b. Determine the flexible budget variances and also indicate 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 Varlances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income