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 2017: (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. Actual Results Data Table Output units 5700 Revenues 6,600 units Expected production and sales Expected selling price per unit Direct materials S 770 $ 1,300,000 Direct manufacturing labor Total fixed costs Fixed costs Total costs Print Done Operating income Data Table Requirements Standard Quantity Standard Price Standard Unit Cost $136 Direct materials 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. 17 pounds $8 per pound $35 per hour Direct manufacturing labor 3.0 hours $105 Print Done During 2017, actual number of units produced and sold was 5,700, at an average selling price of $780. Actual cost of direct materials used was $783,000, based on 72,500 pounds purchased at $10.80 per pound. Direct manufacturing labor-hours actually used were 18,000, at the rate of $32.80 per hour. As a result, actual direct manufacturing labor costs were $590,400. Actual fixed costs were $1,250,000. There were no beginning or ending inventories. Print Done