o Standard quantities, standard prices, (Click the icon to view the data.) Data Table Emerald 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.) X sturing labor: Read the requirements Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. 7,000 units Expected production and sales Expected selling price per unit Total fixed costs 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). the variance is zero, do not select a label.) $ 680 riate field. If $ 1,400,000 Actual Flexible-Budget Flexible Sales-Volume Static Variance Variance Budget Results 4800 Budget 4800 Print Done 0 Output units Revenues F Data Table U Direct materials Direct manufacturing labor Fixed costs Standard Quantity Standard Price Standard Unit Cost Total costs Direct materials 10 pounds $80 $8 per pound Direct manufacturing labor 3.7 hours $50 per hour $185 Operating income Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). During 2017, actual number of units produced and sold was 4,800, at an average selling price of $720. Actual cost of direct materials used was $392,700, based on 66,000 pounds purchased at $5.95 per pound. Direct manufacturing labor-hours actually used were 18,300, at the rate of $48.00 per hour. As a result, actual direct manufacturing labor costs were $878,400. Actual fixed costs were $1,170,000. There were no beginning or ending inventories. Choose from any list or enter any number in the input fields and then continue to the next question. Print Done Save for Later Requirement 2. Compute price and efficiency variances for direct materials and direct manufacturing labor. Compute the price and efficiency variances for direct materials. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Compute the price and efficiency variances for direct manufacturing labor. Label each variance as favorable (F) or unfavorable (U). Price variance Efficiency variance Choose from any list or enter any number in the input fields and then continue to the next