Genoa Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: the same amount of resources. The following information is from the static budget for 2020: (Click the icon to view the data.) (Click the icon to view the static budget data.) Read the requirements. Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label.) Data Table X Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Budget Variance Budget Output units Standard Quantity Standard Price Standard Unit Cost Revenues Direct materials 17 pounds $8 per pound $136 Direct manufacturing labor 3.0 hours $35 per hour $105 Direct materials During 2020, actual number of units produced and sold was 5,700, at an average selling price of Direct manufacturing labor $760. Actual cost of direct materials used was $783,000 (72,500 pounds at $10.80 per pound). Actual direct manufacturing labor costs were $590,400 (18,000 actual direct manufacturing Fixed costs labor-hours at $32.80 per hour). Actual fixed costs were $1, 190,000. There were no beginning or ending inventories. Total costs Operating income Print Done Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). i Data Table Price variance Efficiency variance Expected production and sales 6,800 units ? Choose from any list or enter any number in the input fields and then continue to the next question. Expected selling price per unit $ 740 Total fixed costs $1,500,000