P7-34 (similar to) Question Help Bacoli Statuary manufactures bust statues of famous historical figures. All Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) the same size. Each unit requires the same amount of resources. The following information is from the static budget for 2017: statues are (Click the icon to view the static budget 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.) Actual Results Output units Revenues Direct materials Direct manufacturing labor Fixed costs Total costs Operating income lume variance a olete the flexible S0 balance, mak Expected production and sales 6,200 units as favorable (F) or hot select a label.) Expected selling price per unit $ 760 tual Total fixed costs $ 1,450,000 sults Print Done Data Table Standard Quantity Standard Price Standard Unit Cost 12 pounds Direct materials $9 per pound $108 Direct manufacturing labor 3.8 hours $30 per hour $114 During 2017, actual number of units produced and sold was 5,800, at an average selling price of $770. Actual cost of direct materials used was $633,600, based on 72,000 pounds purchased at $8.80 per pound. Direct manufacturing labor-hours actually used per hour. As a result, actual direct manufacturing labor costs were $651,700. Actual fixed costs were $1,220,000. There were no beginning or ending inventories. were 19,000, at the rate of $34.30