Jordan 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 $36.60 8.50 3.60 5.30 6.20 $129,000 52,000 Assume that Jordan actually produced and sold 32,000 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 $ 35.60 8.70 3.50 5.35 6.00 $114,000 58,000 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 32,000 U $ Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general, and administrative costs Net income 6,400U 3,200F 1,600U 6,400/F U 15,000 F 6,0000 U