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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

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 $ 36.70
Materials cost 8.80
Labor cost 4.00
Overhead cost 6.20
Selling, general, and administrative costs 6.70
Planned fixed costs
Manufacturing overhead $ 128,000
Selling, general, and administrative 49,000

Assume that Munoz actually produced and sold 29,000 books. The actual sales price and costs incurred follow:

Actual price and variable costs
Sales price $ 35.70
Materials cost 9.00
Labor cost 3.90
Overhead cost 6.25
Selling, general, and administrative costs 6.50
Actual fixed costs
Manufacturing overhead $ 113,000
Selling, general, and administrative 55,000

Required

a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).)

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