Munoz Publications established the following standard price and costs for a hardcover picture book that the company produces Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs planned fixed costs Manufacturing overhead Sellint general, and administrative $36.20 9.00 3.90 5.70 6.30 $125,000 51,000 Assume that Munoz actually produced and sold 37000 books. The actual sales price and costs incurred follow Actual price and variable costs Sales price Materials cast Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturint overhead Selling teneral, and administrativo $35.20 9.20 30 5.75 6.10 $110,000 57,000 Required a. & b. Determine the flexible budget varlances and also indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e., zero variance).) Required ..& b. Determine the flexible budget variances and also indicate whether each variance is favorable () or unfavorable (U) (Select "None" if there is no effect (i.e., zero variance).) 2:23 Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable seling, general and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling general and administrative costs Net income