Munoz Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable conta Sales price Materials cost Labor cont Overhend cost Selling, general, and administrative costs Planned fixed conta Manufacturing overhead Selling, general, and administrative $36.50 8.70 3.70 5.80 7.10 $131,000 45,000 Assume that Munoz actually produced and sold 33,000 books. The actual sales price and costs incurred follow. $ 35.50 8.90 3.60 Actual price and variable costs sales price Materials coat Labor cost Overhead coat telling, general, and administrative costs Actual fixed conta Manufacturing overhead telling general, and adninistrative 5.85 6.90 $116,000 51,000 Required a.& b. Determine the flexible budget variances and also indicate whether each variance is favorable (1) or unfavorable (U). (Select "None" If there is no effect (le, zero variance).) Flexible Budget Variances ACCUEL PELCO ana varian CLB Sales price Materials cost Labor cost Overhead coat Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 35.50 8.90 3.60 5.85 6.90 $116,000 51,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or unfavorable (U). ( "None" If there is no effect (l.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Seling, general, and administrative costs Net Income