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 $ 36.20 8.70 4.40 5.50 6.70 $ 126,000 50,000 Assume that Jordan actually produced and sold 34,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Materials cost Sales price Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative Required $ 35.20 8.90 4.30 5.55 6.50 $ 111,000 56,000 a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). Note: Select "None" if there is no effect (i.e., zero variance). > Answer is complete but not entirely correct. Flexible Budget Variances Sales revenue $ 34,000 U Variable manufacturing costs Materials 6,800 Labor 3,400 Overhead 1,700 UFU Selling, general, and administrative costs 6,800 F Contribution margin 32,300 U Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income 15,000 F 6,000 U $ 26,700 U