Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Franklin Publications established the following standard price and costs for a hardcover picture book that the company produces. standard price and variable conta sales price Materials cout Labor cost overhead coat Helling, general, and administrative conta Planned fixed costa Manufacturing overhead Sollin, peneral, and administrative $36.70 8.10 4.10 5.50 6.40 3134,000 Assume that Franklin actually produced and sold 27000 books. The actual sales price and costs incurred follow Actual price and variable co ales pro Materials cost Labor cont Overhead cost Selling, general, and administrative conte Actual tixed costa Manufacturing overhead Selling general and administrative 535.70 0.30 4.00 5.55 6.20 $119.000 50.000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or unfavorable (U) (Select "None" if there is no effect (i.e., zero variance). Saved Help TU PILVOLLE CU Sales price Materials cost Labor cost Overhead cont Selling, general, and administrative costs Actual fixed costs Manufacturing overhead Selling, general, and administrative $ 35.70 8.30 4.00 5.55 6.20 $119,000 50,000 Required a. & b. Determine the flexible budget variances and also indicate whether each variance is favorable (F) or unfavorable (U). (Select "None" if there is no effect (.e., zero variance).) Flexible Budget Variances Sales revenue Variable manufacturing costs Materials Labor Overhead Variable seling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative coats Net income