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 Materials cost Labor cost Overhead cost Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $ 36.79 8.40 3.70 6.62 6.80 $133,882 52,082 Assume that Franklin actually produced and sold 38.000 books. The actual sales price and costs incurred follow. Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and adminstrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $ 35.79 8.60 3.60 6.65 6.60 $118,000 58,888 Required a&b. Determine the flexible budget varlances and also indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" if there is no effect (Le, zero varlance).) Required a &b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (Le.. zero varlance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling general, and administrative costs Contribution margin Fooed costs Manufacturing overhead Seling. general, and administrative costs Net income