Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces $ 36.90 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 $127.000 se,880 Assume that Gibson actually produced and sold 27.000 books. The actual sales price and costs incurred follow: $ 35.90 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 8.78 3.80 5.85 6.30 $112,90 56,eee Required a. & b. Determine the flexible budget variances and also indicate the effect of each varlance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Seling, general and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net income