Naples 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.) Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income Actual Results Requirements (Click the icon to view the data.) Data table 1. Calculate the sales-volume variance and flexible-budget variance for operating income. ome 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. ins. Direct materials Standard Quantity 16 pounds Direct manufacturing labor 3.8 hours Standard Price $14 per pound $30 per hour Standard Unit Cost $224 $114 Data table Print Done Expected production and sales 6,100 units Expected selling price per unit $ 695 Total fixed costs $ 1,250,000 Print Done During 2017, actual number of units produced and sold was 5,100, at an average selling price of $740. Actual cost of direct materials used was $1,149,400, based on 70,000 pounds purchased at $16.42 per pound. Direct manufacturing labor-hours actually used were 17,000, at the rate of $33.70 per hour. As a result, actual direct manufacturing labor costs were $572,900. Actual fixed costs were $1,180,000. There were no beginning or ending inventories. Print Done