Problem 15-21A (Algo) 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 Planned fixed costs Manufacturing overhead Selling, general, and administrative 36.60 8.30 4.20 5.70 6.50 $128,000 52,000 Assume that Gibson actually produced and sold 38,000 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 35.60 8.50 4.10 5.75 6.30 $113,000 58,000 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).) Sales revenue Variable manufacturing costs Materials Labor Overhead Variable selling, general, and administrative costs Contribution margin Fixed costs Manufacturing overhead Selling, general, and administrative costs Net income Flexible Budget Variances