Palermo 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 2020: Standard quantities, standard prices, and standard unit costs follow for direct materials and direct manufacturing labor: (Click the icon to view the data.) (Click the icon to view the static budget data.) Requirement 1. Calculate the sales-volume variance and flexible-budget variance for operating income. Read the requirements. 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 Actual Flexible-Budget Results Variance Flexible Budget Sales-Volume Static Variance Budget 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). Drinn vinn Data table Expected production and sales 6,500 units Expected selling price per unit Total fixed costs $ 685 $1,250,000 Print Done