Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Campbell 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 Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.40 8.10 4.20 5.80 7.10 $131,000 54.000 Assume that Campbell actually produced and sold 34,000 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 35.40 8.30 4.10 5.85 6.90 $116,000 60,000 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 De 2 2 sleut Help Labor cost Overhead cost Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative 4.10 5.85 6.90 $116,000 60,000 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 (.e., zero variance).) ences 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