Problem 15-21A (Algo) Determining and interpreting flexible budget variances LO 15-5 Thornton 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 cost Labor coat Overhead cost Selling, general, and administrative conta Planned fixed costs Manufacturing overhead Selling general, and administrative $16.50 8.10 3.80 5.40 7.00 $234,000 54,000 Assume that Thornton actually produced and sold 24,000 books. The actual sales price and costs incurred follow.. Actual price and variable costs Sales price Materials cost Labor cont Overhead cont Selling general, and administrative coats hetual fixed costs Manufacturing overhead Selling, general, and administrative 35.50 3.30 3.70 5.45 6.80 $119.000 60.000 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