Nottingham Forest Products reports the following information concerning operations for the most recent month: Actual (based Master Budget (based on on actual sales budgeted sales of 4,800 units) $ 228,700 of 4,000 units) $ 188,000 Sales revenue Less Manufacturing costs Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Fixed costs Manufacturing Marketing Administrative 50,302 39,000 31,520 27,200 16,608 13,100 7,805 6,200 7,215 6,500 $ 113,450 $ 115,250 38,930 14,860 $ 92,000 $ 96,000 37,400 9,510 12,200 10,400 Total fixed costs $ 63,300 $ 60,000 Operating profits $ 51,950 $ 36,000 There are no inventories. Required: Prepare a flexible budget for Nottingham Forest Products. Note: Do not round intermediate calculations. Required: Prepare a flexible budget for Nottingham Forest Products. Note: Do not round intermediate calculations. NOTTINGHAM FOREST PRODUCTS Sales revenue Flexible Budget Variable costs: Manufacturing costs: Direct labor Materials Variable overhead Marketing Administrative Total variable costs Contribution margin Less fixed costs: Manufacturing Marketing Administrative Total fixed costs Operating profit Wisner Fabrication prepares its budgets on the basis of standard costs. Variances are analyzed and reported monthly. There are no materials inventories. The following information relates to the current period: Standard costs (per unit of output) Direct materials, 5 pounds @ $12.00 per pound Direct labor, 1.5 hours @ $30 per hour Factory overhead Variable (30% of material cost) Total standard cost per unit Actual costs and activities for the month follow: Materials used Output Actual labor costs Actual variable overhead Required: $ 60 45 18 $ 123 26,335 pounds at $ 12.47 per pound 5,430 units 9,080 hours at $ 32.70 per hour $ 96,490 Prepare a cost variance analysis for the variable costs. Note: Round your answers to the nearest whole dollar amount. Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Direct materials: Price variance Efficiency variance Direct materials total variance Direct labor: Price variance Efficiency variance Direct labor total variance Variable overhead: Price variance Efficiency variance Variable overhead total variance Information on Grixdale Partner's fixed overhead costs follows: Overhead applied Actual overhead $ 1,227,800 1,153,200 1,207,000 Budgeted overhead Required: What are the fixed overhead price and production volume variances? Note: Indicate the effect of each variance by selecting "F" for favorable, or "U" for unfavorable. If there is no effect, do not select either option. Fixed overhead price variance Fixed overhead production volume variance