Gibson Manufacturing Company established the following standard price and cost data. Sales price $ 8.90 per unit Variable manufacturing cost of $ 4.00 per unit Fixed manufacturing cost $ 2,400 total Fixed selling and administrative cost of $ 900 total

Gibson planned to produce and sell 2,600 units. Actual production and sales amounted to 2,700 units.

Assume that the actual sales price is $8.65 per unit and that the actual variable costs are 4.30 per unit. The actual fixed manufacturing cost is $1,900, and the actual selling and administrative costs are $935.

Required: a&b. Determine the flexible budget variance and classify the variance by selecting favorable (F) or unfavorable (U) select "None if there is no effect (i.e, zero, variance)

Sales ----------- flexible budget variances

manufacturing cost------------------------------

Fixed manufacturing cost ----------

Fixed selling and administrative costs ---------------

Net income (loss)------------------