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Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Jordan Publications established the following standard price and costs for a hardcover pleture 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 $36.10 8.40 3.60 6.00 6.20 $132,000 33,000 Assume that Jordan 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 administrative costs Actual fixed costs Manufacturing overhead Selline, Beneral, and administrative $35.10 8.60 3.50 6.05 6.00 $117.000 59,000 Required 0.8 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 i... zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials uverte CUL 0.00 6.20 Selling, general, and administrative costs Planned fixed costs Manufacturing overhead Selling, general, and administrative $132, eee 53,000 Assume that Jordan 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 administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $ 35.10 8.60 3.50 6.85 6.ee $117, eee 59,800 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 (i.e., zero variance):) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrativo costs Not income