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 for 2020 (Click the icon to view the static budget data.) Standard quantities, 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 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.) Output units Revenues Direct materials Direct manufacturing labor Actual Results eek jeme Hal A ship-s 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. Data table Expected production and sales 6,400 units Expected selling price per unit $ 750 Total fixed costs $1,600,000 Data table Direct materials Direct manufacturing labor Standard Quantity Standard Price Standard Unit Cost $8 per pound $136 3.0 hours $35 per hour 17 pounds $105 During 2020, actual number of units produced and sold was 5,700, at an average selling price of $800. Actual cost of direct materials used was $783,000 (72,500 pounds at $10.80 per pound). Actual direct manufacturing labor costs were $590,400 (18,000 actual direct manufacturing labor-hours at $32.80 per hour). Actual fixed costs were $1,250,000. There were no beginning or ending inventories.