Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 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 Selling, general, and administrative costs 36.30 8.60 4.50 5.80 6.50 Planned fixed co Manufacturing overhead Selling, general, and administrative $134,000 47,000 Assume that Gibson actually produced and sold 31,000 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 35.30 8.80 4.40 5.85 6.30 Actual fixed costs Manufacturing overhead Selling, general, and administrative $119,000 53,000 Required a. & b. Determine the flexible budget variances and also indicate the effect of each variance by selecting favorable (F) or unfavorable (U). (Select "None" if there is no effect (i.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Selling, general,and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income