Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size Each unit requires the same amount of resources. The following information is from the static budget (Click the icon to view the static budget data) for 2017 Standard quantities, standard prices, and standard unit costs follow for direct materials and 1 direct manufacturing labor (Click the icon to view the data) Read the requirements CED 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 $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label) Actual Results Output units Revenues Direct materials Direct manufacturing labor Help me solve this Etext pages Get more help Clear all Check answer Data table Expected production and sales 6,100 units Expected selling price per unit $ 755 Total fixed costs $ 1,250,000 Print Done - X Data table Direct materials Direct manufacturing labor Standard Quantity 16 pounds Standard Price $13 per pound Standard Unit Cost $208 3.9 hours $30 per hour $117 During 2017, actual number of units produced and sold was 5,700, at an average selling price of $800. Actual cost of direct materials used was $1,193,100, based on 61,500 pounds purchased at $19.40 per pound. Direct manufacturing labor-hours actually used were 18,000, at the rate of $36.60 per hour. As a result, actual direct manufacturing labor costs were $658,800. Actual fixed costs were $1,220,000. There were no beginning or ending inventories. Requirements 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Print Done