Problem 15-21 Determining and interpreting flexible budget variances LO 15-5 Rundle Publications established the following standard price and costs for a hardcover picture book that the company produces. Standard price and variable costs Sales price $ 36.90 Materials cost 8.70 Labor cost 4.40 Overhead cost 5.80 Selling, general, and administrative costs 6.90 Planned fixed costs Manufacturing overhead $ 128,000 Selling, general, and administrative 52,000 Assume that Rundle actually produced and sold 35,000 books. The actual sales price and costs incurred follow: Actual price and variable costs Sales price $ 35.90 Materials cost 8.90 Labor cost 4.30 Overhead cost 5.85 Selling, general, and administrative costs 6.70 Actual fixed costs Manufacturing overhead $ 113,000 Selling, general, and administrative 58,000 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).)