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 36.80 8.70 4.20 5.7e 7.00 $132,000 44,888 Assume that Franklin actually produced and sold 29,000 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 administrative costs Actual fixed costs Manufacturing overhead selling, general, and administrative 35.80 8.90 4.10 5.75 6.80 $117,880 50, eee Required a. & b. Determine the flexible budget varlances and also indicate the effect of each varlance by selecting favorable (F) or unfavorable (U). (Select "None" If there is no effect (.e., zero varlance).) Flexible Budget Variances 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