Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size. Each unit requires the same amount of resources. The folowing information is from the static budget for 2014: (Click the icon to view the static budget data) Standard quentities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor (Click the icon to view the data.) Read the requirements. Requirement 1. Calculate the sales-volume varlance and flexible-budget variance for operating income. Begn with the actual results, then camplete the flexble budget columns and the static budget columnis. Leabel ech veriance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter '' in the appropriate fiold. If the veriance is zero, do rot select a label.) Sales-Volum Variancc Actual Flexible-Budget Flexible Static Results Budgot Budget Data Table Output unils 3,570,000 S 700,000 U $ 3.723.000 5 153.000 E Standard Quantity 16 pounde 3.8 hours Standard Price $14 per pound $30 per hour Standard Unit Cost S224 $114 $ 1,149,400 $. 7.000 U 1.142.400 S 224.000 F 1,366,400 696,400 1,350,000 338000F $3411.800 $ 858,200 Direct materials Direct materials Direct manufecturing labor Fixed costs Total costs Operating income Requirement 2. Compute price and efficiency variances for direct materials and drect manufacturing labor Compute the prioe and efficioncy variances for direct materials. Label each variance as favorable (F) or unfavorable (U) Price variance Efmiciency variance 572,900 8.500 F 581,400 14,000 F Direct manufacturing labor 1.200,000 150,000F 1.350,000 151.500F$3,073800 S 304.500 During 2014, actual number of units produced and sold was 5,100, at an avcrage seling price of $730. Actual cost of direct materials used was $1,149,400, based on 70,000 pcunds purchased at $16.42 per pound. Direct manutactuning labor-hours actually used were 17,000, at the rate of $33.70 per hour. As a result, ac.ual direct manufacturing labor costs were S572 900. Actual fixed costs were $1,200,000, There were no beginning or ending inventories. $ 800.700 498.200$ 362000 Print Done Data Table Expected production and seles Expected seling pnce per unt Total fixed coets 6,100 units 700 $ 1,350,000 Print Done