Loreto Statuary manufactures bust statues of famous historical figures. All statues are the same K size. Each unit requires the same amount of resources. The following information is from the static budget for 2020 (Click the icon to view the static budget data.) Standard quantities, standard prices, and standard unit costs follow for direct materia and direct manufacturing labor (Click the icon to view the data.) Read the requirements Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Begin with the actual results, then complete the flexible budget columns and the static budget columns. Label each variance as favorable (F) or unfavorable (U). (For variances with a 50 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Actual Results Flexible-Budget Variance Flexible Budget 5,700 5700 Output units Revenues $ 4,503.000 Data table 00000 Direct materials Direct manufacturing labor Fixed costs Total costs $ 783,000 775200 500,400 504000 1,240,000 $2.013.400 $ 1.889,600 Operating income Expected production and sales 6,200 units Expected selling price per unit Total fixed costs $ 765 $1,600,000 Print Done