omework Gibson Publications established the following standard price and costs for a hardcover picture book that the company produces: Standard price and variable costs Sales price Materials cost Labor cost Overhead cost Planned fixed costs Manufacturing overhead Selling, general, and administrative costs Selling, general, and administrative $ 36.60 8.80 3.80 6.20 6.80 $ 133,000 49,000 Assume that Gibson actually produced and sold 21,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price Materials cost Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative Required $ 35.60 9.00 3.70 6.25 6.60 $ 118,000 55,000 a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable or unfavorable. Note: Select "None" if there is no effect (i.e., zero variance). Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general, and administrative Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative Net income Flexible Budget Variances