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. .. - X 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). zero, do not select a label.) 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. Actual Flexible Flexible-Budget Variance Budget Results 5,800 Output units Revenues $ 4,060,000 Print Done Direct materials $ 332,800 Direct manufacturing labor 948.850 Fixed costs 1,150,000 Total costs $ 2,431,650 Data table $ 1,628,350 Operating income Standard Unit Cost Standard Quantity 8 pounds - X Standard Price $7 per pound $50 per hour Direct materials Direct manufacturing labor Data table $56 $165 3.3 hours 6,400 units Expected production and sales Expected selling price per unit During 2020, actual number of units produced and sold was 5,800, at an average selling price of $700. Actual cost of direct materials used was $332,800 (64,000 pounds at $5.20 per pound). Actual direct manufacturing labor costs were $948,850 (17,500 actual direct manufacturing labor-hours at $54.22 per hour). Actual fixed costs were $1,150,000. There were no beginning or ending inventories $ 670 Total fixed costs $1,350,000