Milan Statuary manufactures bust statues of famous historical figures. All statues are the same size, Each unil requires the same amount of resources, The following information is from the static budget for 2020: Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor. 1 (Click the loon to view the static budget data.) if(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 Actual Flexible-Budget Flexible Sales-Volume Static Results Variance Budget Variance Budget . X Data Table Output units Revenues Expected production and sales 8,200 units Direct materials Expected selling price per unit $ 770 Direct manufacturing labor Total fixed costs $1,450,000 Fixed costs - X Total costs Data Table Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Standard Quantity Standard Price Standard Unit Cost Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Direct materials 16 pounds $13 per pound $208 Direct manufacturing labor 3.9 hours $30 per hour $117 Price variance During 2020, actual number of units produced and sold was 5,700, at an average selling price of Efficiency variance $800. Actual cost of direct materials used was $1,193, 100 (61,500 pounds at $19.40 per pound) Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U) Actual direct manufacturing labor costs were $658,800 (18,000 actual direct manufacturing labor-hours at $36.60 per hour). Actual fixed costs were $1,180,000. There were no beginning or Price variance ending inventories. Efficiency variance Print Done