Jordan Publications established the following standard price and costs for a hardcover picture book that the company produces.

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).)

Assume that Jordan actually produced and sold 33,000 books. The actual sales price and costs incurred follow: \begin{tabular}{|l|l|l|} \hline & \multicolumn{2}{|c|}{\begin{tabular}{c} Flexible Budget \\ Variances \end{tabular}} \\ \hline Sales revenue & & \\ \hline Variable manufacturing costs & & \\ \hline Materials & & \\ \hline Labor & & \\ \hline Overhead & & \\ \hline Variable selling, general, and administrative costs & & \\ \hline Contribution margin & & \\ \hline Fixed costs & & \\ \hline Manufacturing overhead & & \\ \hline Selling, general, and administrative costs & \\ \hline Net income & & \\ \hline \end{tabular}